The game for the most part loads fine, but all i can see is the hud
display and loading screens. the character select screen is blank
with just the hud up, and when i login into the game it does the
same. An error comes up when ever i open the game that tells that
my graphics card driver is not up to date. I tried loading the
driver for my video card that is compatible with xp but i get a
error after it finishes installing.
Have you tried changing the in-game setting to windowed mode?
Have you tried setting the UseGLSL key to "disabled" (http://www.codeweavers.com/support/wiki/mac/faq/cxgamesmac_enableglsl)?
Can you give us more information on your system? What graphics card is in your Mac?
The Windows version of the driver for your video card will not apply to the MacOS... and Rift will likely always report that your graphics driver is not what it wants. This particular error is usually a red herring.