Are you trying to launch Warband through the crpg launcher?
I've tried to launch it every way possible, the only way I can get the game to run right is through wse2 crpg,which noone plays anymore.
From what i'm reading on the forums other ppl have this issue too, it's something to do with the 32 bit architecture of the game and a windows update. It's not utilizing my cpu at all, it stays at 1% usage the whole time, trying to set afinity, and a few other things in task manager but does nothing, stays at 1% usage.