Since some of us have been experiencing problems getting AGS to run (I just did), I had a bit of a fiddle with it and discovered some tricks that might help.

If your AnyGame isn't running:

1. First check you have the right disc in the drive, that always helps.
2. Secondly, try rebooting your computer, especially if you've been running other applications beforehand.
3. Since AGS is essentially a 'game trainer' program, try running your main game first, then exiting and starting the AnyGame. Or you could do what I did, which is leave the FreeTime (or Apartment Life if you're playing Tundra Valley) disc in the drive and attempt to start the main game. When it says "Wrong Disc Inserted", click Cancel and then run the AnyGame. When I did that, it started perfectly.

Also, if you're running Vista or Win7, run the program under admin privileges if you can. I heard that helps.