First off, make sure you have the most up-to-date version (I am sure you do, but one never knows).
Second, since its Vista, when you go to run it right-click and select 'Run as Administrator' or something similar. I don't have EL on my Vista laptop, but I know doing this fixes problems with other games.
Also make sure your drivers are all up-to-date. If this computer uses an ATI, then there have been a lot of reports of problems with out dated drivers. There is also mention that there may be problems with the shaders folder. I don't know anything about this, so if you suspect that this may be it, then I believe a quick search will find a thread related to this issue.
Then if that doesn't work, looking at your error, make sure your servers.lst is correct and didn't get corrupted some how. Should look like this:
# server.lst - Server list configuration file
#
# Note: Any amount of whitespace is allowed and # marks a comment from that point until
# the end of the line
#
# ID Config Dir Address Port Description (to be used for server selection window)
main main game.eternal-lands.com 2000 Main game server
pk pk game.eternal-lands.com 2002 PK game server
test test game.eternal-lands.com 2001 Test server
lrnr-main main proxy1.other-life.com 443 Learner's redirection service for the Main game server
And the last thing I can think of is this:
EL usually installs to C:\Program Files\Eternal Lands (or depending on your Vista it may be C:\Program Files(x86)\Eternal Lands or something similar. Don't have my laptop next to me), so unless you specifically chose the D directory as the install, this may be the issue. In your el.ini file, there should be a line
#data_dir = " "
Make sure it is pointed at where you installed.
If none of those help, then I don't know.