Oh dear...
You cannot copy the CD content onto your HDD because it has "SafeDisc II" protection. The only program that sometimes can do it is FarStone VirualDrive ver. 6.0 or later (use intelligent extraction method).
The fact that you did not format your HDD tells me that the problem is in registry traces.
You'll have to edit the Master Registry... Start --> Run... --> regedit /OK/
In the submenu Edit, choose Find..., and type Freelancer. Delete everything that is directly related to it.
NOTE: If you chose the "Install for all users" option during the first install... Trouble ahead.
In that case, try to install it from a different account(other than the one it was installed on), again choosing the "install for all users", then uninstall it from where it was originally installed.
If you're still not sure, correct my assumptions, so that I know where we're standing...
Cpbuja ybuja!