Two possible solutions:
1) Do you maybe installed Classic and LoD in two different languages? For example: German version of Classic, English version of LoD? If so, install same languages only.
2) Go to: Control Panel

System

Advanced System Settings

Settings (Performance)

Advanced

Change

It should look like this:
http://s1.directupload.net/images/110726/8a373htt.pngIn that window (Virtual Memory), uncheck the very first line (it's checked in the screen). Below it, select the drive where Diablo 2 is installed. Now you need to edit the
Custom Size: Change both the
Initial Size and the
Maximum Size to the
Recommended Size (which is on the bottom - 3069 on the example picture).
Apply the changes and restart your computer. Now check if Diablo 2 works properly.