Opening it results in Aero being disabled which is normal, followed by nothing but a dark purple/blue box or a copy of what is behind zquest where the Zquest window should be. changing the display behind the purple square wipes it away, minimizing and restoring zquest yields the outline and title bar but is otherwise empty or solid black.
CPU usage is at 0% and RAM consumption is around the 47000kB mark each time I run it. Zelda-w.exe works fine from what I can tell.
ZQuest v2.11 Beta (Build 18)
Allocating tunes buffer (16.00k/16.00k)... OK
Allocating map buffer (1.11M/1.13M)... OK
Allocating combo buffer (5.98k/1.13M)... OK
Allocating string buffer (10.62M/11.76M)... OK
Allocating door combo buffer (159.50k/11.91M)... OK
Allocating dmap buffer (234.00k/12.14M)... OK
Allocating combo buffer (1.62M/13.76M)... OK
Allocating color data buffer (314.11k/14.07M)... OK
Allocating tile buffer (511.88k/22.57M)... OK
Allocating tile grab buffer (511.88k/31.06M)... OK
Allocating trash buffer (97.66k/31.16M)... OK
Allocating item buffer (31.00k/31.19M)... OK
Allocating weapon buffer (2.50k/31.19M)... OK
Allocating guy buffer (28.00k/31.22M)... OK
Allocating combo class buffer (32.17k/31.25M)... OK
Allocating combo undo buffer (1.62M/32.87M)... OK
Allocating new undo tile buffer (511.88k/33.37M)... OK
Resetting new tile buffer...OK
Allocating file path buffers (14.00k/33.38M)... OK
Initializing Allegro... OK
Loading data files:
Fonts.Dat...OK
ZQuest.Dat...OK
QST.Dat...OK
SFX.Dat...OK
OK
Initializing sound driver... OK
attached screenshot shows the Zquest window duplicating this forum post within it's window.