OpenGL/Direct3D doesn't work on real hardware with Nvidia drivers

Motherboard: ASUS P5KC
GPU: Palit GT7950
Driver version: 93.71 for XP/2K
Build: 74074

Driver installs if nvdisp.nvu is deleted, as mentioned in wiki.
Hardware acceleration works.
When trying to start simple OpenGL test application (Log 1, mentioned there as "123.exe") it beeps but no error seems to be present in log. I also tried to start Half-Life 2 (Log 2) which is Direct3D game, in this case there was a visible error:
Unhandled exception
ExceptionCode: c00000fd
CS:EIP 1b:7a331b49
DS 23 ES 23 FS 3b GS 0
EAX: 00000001 EBX: 0c4c8cd8 ECX: 00000000
EDX: 00130640 EBP: 000333dc ESI: 0003015c ESP: 00032f6c
EDI: 09010074 EFLAGS: 00010216
Address:
7a330000+1b49 C:\ReactOS\System32\opengl32.dll
Frames:
7a330000+42f6 C:\ReactOS\System32\opengl32.dll
7a330000+4496 C:\ReactOS\System32\opengl32.dll
7c560000+421a C:\ReactOS\system32\gdi32.dll
69500000+20cc9b C:\ReactOS\System32\nvoglnt.DLL

Huge amounts of KeRestoreFloatingPointState and KeSaveFloatingPointState warnings appears to be caused by gpu driver itself.