The latest patch is Homeworld 1.05.
A full list of all available patches can be found here.
The following command-line parameters may improve quality on newer systems, or enable extra functionality:
256 MB should suffice: /heap 268435456 but if you have more, try raising it to 1 GB: /heap 1073741824
Widescreen can be enabled by changing the ScreenHeight and ScreenWidth registry keys in HKEY_LOCAL_MACHINE\Software\Sierra On-Line\Homeworld
For Windows 10 x64 you need to be run the program as Admin for the registry entries to be created (right click properties on the application under compatibility set run as administrator).
Add -window to the game's path. For borderless fullscreen windowed mode add -noBorder as well. If you do not use -noBorder you must run the game at less than maximum screen resolution or it will crash.
Install the 1.05 Patch and download a no cd crack before playing without cd.
Using OpenGL or D3D (in the video options) enables hardware acceleration, which gives you 32-bit colour, and the ability to use graphics techniques invented since the game's release. Hardware Acceleration works best on Windows XP or later when the game is run using compatibility mode for Windows NT 4.0. For Windows 8 and 8.1 only use the Homeworld hardware acceleration fix to apply this compatibility mode on Windows 10 the compatibility mode was added on the latest update.