Since I have in working mostly well in Wine 1.2.0 on the system I decided to give it a run in CXGames:
Game (US Retail Collector's Version) installs and runs mostly fine in 10.0.0.
What I did:
Copy the content from both discs to a single directory (this is needed for it to install properly in Wine, so I assumed the same CD switching glitch might apply to CXGames as well).
Create a new WinXP bottle in cxsetup.
Go to Applications->Install->Unsupported->Other Applications
Select setup.exe from the S2 directory as the installer.
Install.
This can take a while and may seem to not be doing anything. Just wait and it should finish eventually.
I selected Don't Launch and Finished the setup.
Repeat the install other application setup and install each of the patches in order.
2.12->2.31 patch
2.31->2.34 patch
2.34->2.40 patch
2.40->2.43 patch
(I'm assuming that, like an install in wine, that the Big 2.40 patch will not work)
Repeat the same process to install the S2 Elite Graphics disc from a directory if you have it.
Launced sacred2 from the cxgames/bin/ directory.
Enter your activation information and play.
I have found that it works quiet well on my system with the Graphics quality option set to Medium and with AA off. Higher graphics settings had some rendering issues like the ground rendering mostly white (I'm not sure if this is a Wine/CX, CPU, or GPU issue), and when I had AA on when I was originally testing in normal Wine, it had major performance/stability issues.
Glitch noticed:
If I am holding down a movement key (like forward), and press another movement key temporarily (like to turn a bit while moving) then release it, after a few seconds it will stop responding to the original movement key and I'll have to release and re-press it to continue moving.