This is a rip from Rage3d forums but......there is a registry edit that will fix the refresh rate.
Search for "DCRegOptionDontuse" in the registry. Change all of the values to 0. It should look like "01 00 00 00" or something like that. Just
change it to "00 00 00 00" and then exit and reboot. Then you'll be able to change your refresh rates! I had to do that for Win98SE. I'm just
thankful that some people on the Rage3d forums knew how to fix it.
jcwagers