How did you run the game? Through game.exe or diablo II.exe? Through game.exe you won't get the no-cd error, but it will silently fail.
Try running the diablo II.exe.
When creating the image, did you make sure to not skip the reading errors?.
And when mounting the image, did you make sure to mount with 'securom' enabled?
Try running the diablo II.exe.
When creating the image, did you make sure to not skip the reading errors?.
And when mounting the image, did you make sure to mount with 'securom' enabled?