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The replace function of the program can be used to replace all instances of "I:\" with the desired CD drive letter.
Open 'PATHS.DAT' with a hex editor like HxD and replace all text-strings "I:\" with the current CD drive letter, say "D:\". Copy 'PATHS.DAT' to 'GAMEDATA\CONFIG' in the game installation folder, which can be downloaded from here. Copy 'NFS.CFG' to the game's root directory which can be downloaded from here. However it is recommended to use the latter two. The first one is guaranteed to work while the later two may not work one some versions of Windows 10. Copy 'dplay.dll' from 'REDIST\DIRECTX' folder of the CD to the game's root directory, or copy 'dplayx.dll' from 'Windows\SysWOW64' (64-bit OS) or 'Windows\System32'(32-bit OS) and then rename it to 'dplay.dll'. Copy 'BESTLAST.EAS', 'BESTTIME.EAS', 'EIGTH.EAS', 'FIFTH.EAS', 'FINALLAP.EAS', 'FIRST.EAS', 'FOURTH.EAS', 'SECOND.EAS', 'SEVENTH.EAS', 'SIXTH.EAS', 'THIRD.EAS' from 'FRONTEND/SPEECH' to the game's root directory. Copy 'FRONTEND', 'GAMEDATA', 'SIMDATA', 'IFORCE.DLL', 'NFS_WIN.EXE' from the CD to a desired folder. Manually installing the game and running using DxWnd