I see you are using 32bit Win, but how much physical memory do u got? If more than 4 better put on 64bit and try again because I know there is a problem with 32bit Win 10 and Hellbound client. If this doesn't resolve your problem try setting up a virtualbox and debug it. If this too does not resolve it then just dualboot windows 7 and then it might be no problem, before that you might try to open it with wPowershell and see if it work's so you don't have to dualboot another OS.
And my final question is why the fuck do you use W10!?
Btw update if any of this worked for you.
EDIT: I just found this :
[ My Testings ]
,,- It seems like W10 fucks with any EXE / DLL you place on the drive where the OS is running. I copied a known working system folder to W10, ran it, ( failed ofc ) then copied it back to W7 and it no longer works. Get all sorts of entry point errors.''
Apparently this is a test with VM windows 7 so all i got from this info is that you either have to move l2 from C:\ and maybe try install it somewhere else (reinstall will be required since windows already fucked up the .exe and .dll files) or just use the method i mentioned using dualboot with windows 7 OS just for l2 :D
Please provide any info if you have tried any of this solutions, I'm really interested if it would actually help.