Well, first off it appears you're using your Intelgrated graphics instead of you graphics card. Nvidia has a habit of only enabling their cards for "known" (mostly mainstream) games unless you specifically tell the profiler to do so.
This would be in your "Nvidia Control Panel" under "Manage 3D Settings," You'll have to point Nvidia to each copy of FSO that you'll be using and then select the "High Performance NVIDIA Processor" and finally click "Add" to enable the graphics card.
We'll see if that resolves the issue, if not then please shoot us another debug log.
Just a note: You should be able to set an entire folder to use nVidia; after clicking "Add", click "Browse", then navigate to the FS2 main directory, and click "Add Current Folder".
This avoids having to manually set each version of FS2 (different revisions, debug versions, FRED, etc etc to use nVidia.
Alternatively, recent nightly builds have code in them to automatically switch to the high-performance GPU.
Ah, yes, this problem won't be present with newer builds.
So nightlies and 3.7.4 when it comes out should be all set for this by default.