I doubt it. Your card (see
here for a run down) only supports the 8.1 library which doesn't have PS2.0 support (PS2.0 started with Dx9.0) so I'm 99.999999% sure that the possible fix won't help you.
The 2 main issues are:
1. EU3 looks for 128MB V-RAM and rejects you if you don't have it, even if the card is designed to use regular system RAM for graphics. The workaround would be to bypass this test (with suitable caveat emptor that your performance could suffer greatly so don't complain if this happens) and allow the game to launch.
2. EU3 also looks for PS2.0 support (library) on the card and rejects you if it doesn't find it. The isn't an easy fix for this because EU3 hasn't been coded to be able to switch to the old 8.x libraries (not even sure if some necessary things could be done with those libraries anyway) so it would require pretty much re-coding the entire graphic component of the game again (in duplicate). Mega-companies have the resources to undertake such things, but that's extremely labour-intensive (all assuming it could be done in the first place).
As you'll see from that link, every nVidia card since March 2003 (4 years ago) supports the 9.0 libraries so you can probably pick up a very cheap card made after that date that would allow the game to work (though it seems performance from the 5x series isn't all that spectacular). A late 6x or early 7x card shouldn't be particularly expensive provided you have a slot that accommodates it. If you've got a PCI-e slot (somewhat doubtful if your motherboard is as old as your graphics card) then go that route. If not, you should have an AGP slot (since I think that's the spec you gave King) so get an AGP version.
(Note that I'm not specifically favouring nVidia here...you could go the ATI route as well and the dates are essentially identical. Personally I'd avoid Intel and go for the most recent nVidia or ATI card that your budget allows.)