I got it to 'run' by doing to following:
1. Set on interpreter
2. Emulation, save (at the black screen)
3. Set back to JIT
4. Set Game Properties
- Dual core off.
- MMU enabled.
- MMU speed hack.
5. Run game
6. Emulation, load (at the black screen)
7. Watch the logos and start playing.
I do not have a huge powerhouse PC and MMU doesn't help on the speed either; I had an FPS of around 15-20, topping at 30 once in a while (inverse lag spike?

)
I do not guarantee it'll stay running for long. For me it crashed somewhere in the tutorial.
Also, the sound may get stuck (it did for me when entering my name; constant web-zip sound from the Treyarch logo), and you might encounter several (severe) visual artifacts.
Really??? I suppose it worths trying

I have to add that I'm not too familiar with all the advanced settings so I haven't played with XFB or anything else.
Someone with more knowledge about these settings might find the configuration that works for 100% but if I'm trying those, it is more of a random guess then actually setting the values knowing what I'm doing xD
I'll try that by curiosity. Did you use 3.0-710 as mentioned in your profile?
Yes I did.
Also, don't forget to retake the steps of saving the emulation in Interpreter if you change any configuration settings (atleast Audio and/or Video related settings)
I've just tried and it works indeed
The game is slow due to MMU. Disabling Dual Core is not needed. Sound is crappy. But it works. I haven't gone far enough in the game to really judge if it's playable though. I'll retry later on

Hmm OK. Dual Core made it crash for me :/
Maybe coincidence. I'll try later.
EDIT:
It does run on dual core. I did have to disable panic handlers due to getting a shitload of GPU desync (or something similar) messages.
It still crashes in the tutorial for me most of the time and due to Panic Handler on off I don't know why

For what it's worth, the Spider-Man(1) GC game now works with Dolphin and can be played. It's probably better to give that game a try since it actually works and this game has so many issues right now. Obviously that's up to you, though.
Yes the first Spider-Man works fine and even Ultimate Spider-Man works (not perfectly though). I was curious to see if Spider-Man 2 could work as @Omar007 had suggested it because this game has always been "broken" as far as I know. By "broken" I mean "unplayable" of course since Interpreter Mode is fairly unplayable

(06-28-2012, 04:02 AM)Starscream Wrote: [ -> ]For what it's worth, the Spider-Man(1) GC game now works with Dolphin and can be played. It's probably better to give that game a try since it actually works and this game has so many issues right now. Obviously that's up to you, though.
I could instead just dust off my GC to play Spiderman 2

(yea, it still works

)
Just felt like tinkering with the settings and thought it'd be a good idea to share that. I already stopped trying to play it since my previous 2 posts, though LordVador's post about the Dual Core setting made me try again
I do hope this game will work on Dolphin someday though. Playing in resolution above 1x Native is really, really nice
My final settings/steps where:
1. Set on interpreter
2. Emulation, save (at the black screen)
3. Set back to JIT
4. Set Game Properties
- MMU enabled.
- MMU speed hack.
5. Run game
6. Emulation, load (at the black screen)
7. Watch the logos and start 'playing'. (crashes pretty much imminent)
I also have some custom global settings:
Framelimit: 60, limited by FPS
Panic Handlers: Off
Internal Resolution: Auto (Window Size)
Anistrophic: 16x
Window Size: 1920x1080
I believe that was all. Using that, when looking into the city I have about 10-20 FPS, climbing a building upwards (so you can pretty much only see that building) gave around 20-30 FPS, being just under 25 most of the time.