It is a long story! I used Process Explorer to monitor the application's use of .dll's and DirectShow was one of them (I stubbornly ignored it COMPLETELY). Only did I come full circle and realise that the game was using DirectShow at all. I took a stab in the dark and used a filter manager and removed all the codecs in Windows as I could one-by-one. The Windows Media Source Filter was the culprit (dxmasf.dll). It is insane how I found that out, I was ecstatic when I discovered the cause! :D
It turns out that other people were fixing Ford Racing 2 and had the other piece of the puzzle I needed in order to use the filter, the other .dll's are required to register dxmasf.dll. Put the pieces together and the game works again!
This discovery fixes Test Drive 6, Ford Racing 2, Monopoly Tycoon and more! There are more games out there that could use this fix, just have to find them. You need to look for games from 1999-2004 or 2005 as they used the filter. I am still SOO happy that this has been resolved, and that other games are benefiting from it!! Ecstatic.
Just as a final note, Monopoly Tycoon's music is bugged (skips around), deleting the qasf.dll (in SysWOW64) and installing DivX 3.11 compressor fixes this issue. The music skipping has been present like since Windows 2000 I think (used rohitlab API monitor to find the cause) I have a blog on how I fixed it completely, just look for it on the download page for the fix I uploaded on the Monopooly Tycoon article/page. There are other posts on my blog detailing more information about the fix, I hope to get an all-comprehensive article written up.