Need For Speed 3: Hot Pursuit is a pretty decent arcade racing game from 1998, that doesn't even install on modern systems. Let's see how we can fix this.

Put the disc in (or mount the image); don't even try to install it (it has a 16 bit installer, it will fail), instead view the contents of the disc.
Select the files highlighted in the image below, right click and select copy.

Make a new folder on your desktop (or wherever you want to install the game), open it, right click and select paste.

Download this file, and extract its contents into where you've installed the game.

Right click Patch.bat and select Run as Administrator.
Double click registry.reg and confirm.
Explaination

Use a standard compliant text editor such Notepad++ to edit the first line of install.win
Supported languages are (in lowercase!) english, german, french, spanish and italian.

Double click nfs3.exe to start the game.
Don't forget to crank up the graphics settings!