When Two Worlds is installed on Windows Vista and later a registry setting is set that prevents it from showing the window for separate character profiles. Fixing this setting re-enables this window, allowing you to keep saves for multiple characters conveniently separated.
Note: <path-to-game>\Parameters\AutoexecGame.con should be created manually. It supports various tweaks, such as engine settings and etc.
Some examples (same commands can be used from inside the game console):
%USERPROFILE%\Documents\Two Worlds Saves\Players
Do one of the following:
Download and install the DirectX End-User Runtimes.
Uninstall or disable any codec packs installed on your PC. This problem may be cause by the K-Lite Codec Pack.