Here is the error message that I receive:
Rage.1683.2 win-x86 Release Oct 7 2011 12:22:19
------ Initializing File System ------
Current search path:
C:/Users/matt/Saved Games/id Software/Rage/base/
c:/program files (x86)/steam/steamapps/common/rage/base/
file system initialized.
BenchmarkGameData: ofs 0 and 0x1208090624x
51 microseconds
28 microseconds
26 microseconds
29 microseconds
33 microseconds
34 microseconds
35 microseconds
36 microseconds
36 microseconds
35 microseconds
Average seek time without outliers: 33 microseconds
fileBenchmarkImpliesGameIsOnHD: true
---------------------------
1 CPU package, 2 cores, 4 total logical processors
2400 MHz Intel CPU with MMX & SSE & SSE2 & SSE3 & HTT & EM64T
32768 kB 1st level cache, 262144 kB 2nd level cache, 3145728 kB 3rd level cache
3888 MB System Memory
Winsock Initialized
Found interface: {BA0084E5-816C-4E2C-B8A2-3622BD78464B} Atheros AR8152 PCI-E Fast Ethernet Controller (NDIS 6.20) - 0.0.0.0 NULL netmask - skipped
Found interface: {C46628DC-D562-4829-9FFA-48C71DB14E51} Atheros AR9285 Wireless Network Adapter - 192.168.1.102/255.255.255.0
Found interface: {43535107-5971-4BB1-9AF8-1E40970F9B36} Hamachi Network Interface - 5.166.163.157/255.0.0.0
Sys_InitNetworking: adding loopback interface
execing default.cfg
execing joystick.cfg
execing default.cfg
execing joystick.cfg
execing default.cfg
execing joystick.cfg
execing default.cfg
execing joystick.cfg
idLib::SetProduction( PROD_PRODUCTION )
couldn't exec rageConfig.cfg
Resetting cheat cvar: aas2_showFloorTrace
Resetting cheat cvar: ai_alignToPointDist
Resetting cheat cvar: ai_minCornerCircleRadius
Resetting cheat cvar: ai_cornerCircleRadius
Resetting cheat cvar: ai_turningCircleAlignmentTolerance
Resetting cheat cvar: ai_pointTolerance
Resetting cheat cvar: atv_bumpForwardScale
Resetting cheat cvar: aa_ZoomSnapScale
Resetting cheat cvar: poi_playerScaleMinimum
Resetting cheat cvar: poi_scaleMinimum
Resetting cheat cvar: poi_ScreenPercentage
Resetting cheat cvar: poi_IconSizeSplitscreen
Resetting cheat cvar: poi_IconSize
Resetting cheat cvar: poi_GoalHeightOffset
Resetting cheat cvar: swf_minimap_scale_foot
Resetting cheat cvar: swf_minimap_scale_vehicle
Resetting cheat cvar: blendTree_scale
Resetting cheat cvar: swf_jobnav_mindist
Resetting cheat cvar: swf_minimap_ant_first_step_foot
Resetting cheat cvar: swf_minimap_ant_step_foot
Resetting cheat cvar: swf_minimap_ant_first_step
Resetting cheat cvar: swf_minimap_ant_step
Resetting cheat cvar: swf_scopeZoomDistance
Resetting cheat cvar: gc_fictionBlurAmount
Resetting cheat cvar: swf_invFadeTime
Resetting cheat cvar: cine_cameraAccel
Resetting cheat cvar: rcbomb_initialOffset
Resetting cheat cvar: cam_deathCamblurTime
Resetting cheat cvar: cam_deathCamblurAmount
Resetting cheat cvar: revivecam_HeightEnd
Resetting cheat cvar: revivecam_HeightStart
Resetting cheat cvar: spl_qn_pathbonus
Resetting cheat cvar: spl_qn_zpenelty
Resetting cheat cvar: ai_NonPlayerOneShotChance
Resetting cheat cvar: ai_droppedLootDistance
Resetting cheat cvar: pm_ct_jump_dist
Resetting cheat cvar: pm_ct_push_dist
Resetting cheat cvar: pm_ct_push_decayIn
Resetting cheat cvar: pm_ct_push_decayOut
Resetting cheat cvar: pm_ct_checkDist
Resetting cheat cvar: g_playerDamageThreshold
Resetting cheat cvar: swf_combatSubtitleRange
Resetting cheat cvar: swf_subtitleRange
Resetting cheat cvar: vehicle_clientImpactDmg_MaxDmg
Resetting cheat cvar: vehicle_clientImpactDmg_MinDmg
Resetting cheat cvar: vehicle_clientImpactDmg_MaxVel
Resetting cheat cvar: vehicle_clientImpactDmg_MinVel
Resetting cheat cvar: v_steerControlClamp
Resetting cheat cvar: v_steerControlInfluence
Resetting cheat cvar: v_compressiontime
Resetting cheat cvar: v_dusttime
Resetting cheat cvar: pm_clientZoomInDelay
Resetting cheat cvar: pm_clientAuthoritative_warnDist
Resetting cheat cvar: pm_clientAuthoritative_minDistZ
Resetting cheat cvar: pm_clientAuthoritative_Lerp
Resetting cheat cvar: pm_clientAuthoritative_minDist
Resetting cheat cvar: net_voiceVolume
Resetting cheat cvar: net_peer_throttle_bps_decay
Resetting cheat cvar: net_debughud3_bps_max
------- Initializing renderSystem --------
Initializing OpenGL subsystem
rage.exe @ 0x00699ad4( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
rage.exe @ 0x00699c4c( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
rage.exe @ 0x00699cec( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
rage.exe @ 0x00581d68( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
rage.exe @ 0x0055cb36( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
rage.exe @ 0x005e0af0( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
rage.exe @ 0x00bbb92c( ) + bytes () : ** UNKNOWN **( ** FUNC_PARAM_ERROR ** )
kernel32.dll @ 0x765b3677( ) + bytes () : BaseThreadInitThunk( )
ntdll.dll @ 0x76ff9f02( ) + bytes () : RtlInitializeExceptionChain( )
ntdll.dll @ 0x76ff9ed5( ) + bytes () : RtlInitializeExceptionChain( )
ERROR: Desktop color quality must be set to 32 bit or higher
Dumped console text to C:\Users\matt\Saved Games\id Software\Rage\base\ErrorLog_10-25-2011__09-57-12pm.txt.
idRenderSystem::Shutdown()
Shutting down OpenGL subsystem
...releasing DC
***************************
Desktop color quality must be set to 32 bit or higher
***************************
Any input is helpful.