I downloaded the game, and while I can run the game (with default MAX.INI) but has some problems:
Windows XP (mouse scroll too fast, but can be adjusted in preference, no sound)
Dosbox (slow, no sound)
I tried running setup.exe, but it crashes after language select. Editing the INI myself results in the game unable to launch.
Then I go checked Home of the Underdogs, and they have M.A.X. uploaded too. Their download size is 48MB, while the one here is about 46MB.
The one from HotU contains more files, and the setup.exe can be run successfully, allowing me to config and test my soundcard (in Dosbox only).
So now I'm running M.A.X. with sound in Dosbox.
For those having problems, I think it's worth a try.