http://pressf1.pcworld.co.nz/showthread ... -I-O-Error
There's some useful discussion in there, plus the thread ended so I guess the solution devised worked for the original poster.
I Googled your problem and found that in a lot of cases the graphics card of the user with the problem was of the Voodoo type (by 3dfx Interactive). Is yours? The strange thing is most other people with this problem have XP too, whereas you do not. The sad thing is Google does not know the answer, or it doesn't seem to do at first search.
The first thing I would always suggest is a reboot. That sometimes solves wack problems that seem to occur for no reason. After that, I'd recommend a reinstall of all programs involved in your problem. In your case, try reinstalling both the DirectX, as the error is related to your graphics card, and the Rayman 2 game. Next thing I definately recommend doing is locating the type of your graphics card and then updating the drivers. If you tell me the exact type (somewhere in the Control Panel there will be a system spec opps - I'm not too familiar with the Vista/Win7 control panel though so I can't pinpoint the location of this data) I could perform another search and hopefully find a solution if the above doesn't help you.
What helped me sometimes when my computer was acting up was letting it rest for a day, as in just don't do anything with it for a day, and then the problem may have disappeared. It worked a few times, but I wouldn't really say it vouches for a solution. As your problem is videocard related, it could well be a hardware incompatibility problem, but I wouldn't think so. Update your drivers.
Oh, and reboot after installation; it works wonders sometimes.
http://forum.techzine.nl/hardware-compo ... onden.html
According to this Dutch site (you could Google translate to read it) removal of the 'OpenGL32.dll' file should solve the case. If you find this file somewhere in R2's install directory, I would recommend cutting it (select and then CTRL+X) and placing it in another folder (CTRL+V) so it's out of the R2 folder, but still somewhere on your PC should you ever need to recover it.
That's all I can do for now. Good luck, mate!
PS
Needless to say the quoted links do not lead to R2-related problems, but if the solution works for one game, it might also work for another, if the problem is caused by the same malfunction.