I've recently found the amazing game Magic Carpet, by Bullfrog Entertainment (now taken over by EA), which I used to play on my Compaq Presario 1500 back when Windows 95 had just come out... a DOS game.

The game runs, excepting sound, but it runs MUCH faster than it's supposed to... characters are flitting around near the speed of light and it's impossible to navigate my character.

I've tried CPUKiller... at low levels it didn't help and at mid to high levels it made the rest of my computer crawl but only resulted in the game skipping and lagging, which I'd guess was a struggling framerate?

I'm not sure what to do. I have noticed that F1 through F10 alter some things in the game, and I can toggle between a normal speed, fast, and super fast, which doesn't help when "normal" is a blistering speed. I tried running a hex editor to possibly alter this speed value to my advantage (I'm not sure if that was the right thing to do). It seems like running anything with the game results in low virtual memory and lags out my system.

Here's the [Magic Carpet Demo Download]
And here's the Patch, two files which replace the two found in the Levels folder (in case you solve my problem and want to enjoy the game for yourself)

Any ideas?

Thats the problem with running it in Windows XP & unfortunately, it can't be fixed. You're better of trying to run in it Windows 98 or 95 if u still have them. I have Windows 98 installed as a backup OS on a second partition on my hard disk. I play this old DOS game called Return to Zork from time to time. I too tried CPU Killer but no use. I ran it in Windows 98 instead, and it ran perfectly.

If you hit "r" the game goes into high resolution mode. Which will slow it down.

Hey, even better, try DosBox. It works with a lot of games that don't run normally in XP. Get it from here.
http://dosbox.sourceforge.net/download.php?main=1