This looks to be a directx error, have you tried to run the game as admin, make sure the folder of Call of Duty 4 belongs to you just right click the folder then properties and security to make sure you have full access as this could be a read issue. Also their is a DirectX folder in the directory which you could try to run but I think I seen a comment that said you already tried that. Try disabling V-Sync then change your resolution possibly, set everything to low then gradually increase to see if one of the options may cause this to reoccur. Other than that with only that without the complete error logs it is hard for me to narrow down exactly what the problem is. The last thing I would suggest is updating any drivers that might be out of date as this also may conflict with DX.