If you have a newer windows PC and bioshock.exe crashes no matter what, you may want to try a simple single fix to the default ini file that I found worked for my rig, Gumby (ASUS Z77 mobo, i7-3770k, Win8Pro64, 2 Radeon HD 7870's in CrossFireX).
1) In Steam pull up Bioshock's game Properties. Under the LOCAL FILES tab, select VERIFY INTEGRITY OF GAME CACHE... Wait for the verification process to complete.
2) Also under Local Files, select BROWSE LOCAL FILES and locate the Release sub-folder where the Bioshock.exe file is located. Also there should be the default.ini file which is invoked upon launch. You may want to copy it aside to something else, like default_save.ini, so you can revert if need be without repeating step 1. (The verify step reinitializes the default.ini file, among other things.)
3) Open default.ini for edit and locate the heading [Compatibility] near the bottom. The only line there is RequireMinSpec=true. Change the value from true to false, then save and close the file.
4) Optional: Under the General tab, select SET LAUNCH OPTIONS... and add the -nointro parameter. This will make launching the game freqently a less stressful experience.
5) Launch Bioshock and see what happens!!
NB: No windows file property compatibility changes should be needed, and neither should sound hacks be required. Your screen resolution will initially be 1024x768, so be prepared to adjust it upward. My Gumby now rocks Bioshock at 1920x1080 fullscreen, and with great sound. I hope this one simple fix helps you gets your rig rockin' Bioshock too. It's gotta be played now that Infinite came into this universe.