Error 87 means "Invalid Params", meaning that the 32-bit Z-Buffer isn't being created successfuly. This problem seems to be related to hardware - meaning, that some cards (in particular, Radeon cards, but some others as well) simply have trouble with Standoff.
First thing you should try (if you haven't already) is to run the game in 16-bit mode. If it works, and you're happy with that, then the problem's solved. Otherwise, you may try
this DLL file that HCl made in an attempt to solve this problem - overwrite the old gl_0000x.dll in your Secret Ops folder. This may fix 32-bit mode for you, but not necessarily - results seem to vary from person to person.
Unfortunately, if none of this solves the problem, we have no other solutions to propose. It may be that downloading the latest drivers for your graphics card or the latest version of DirectX will solve this problem, but this is highly unlikely.
BTW, Eder, you may want to add this to the FAQ, since I didn't see it there.