I have the Steam version of the game and it's paths to folders is different. Had to put the trainer exe in the main Bioshock folder. After that it worked like a charm.

The trainers are made using the American version of the game. German versions are notorious for being unique in toning down the violence due to the strict content guidelines that Germany enforces on video game content. Because of these differences, the resulting end product differs in execution than CHU's versions.

Because of that, compatibility suffers quite a bit. You can try a No-CD fix however it cannot be guaranteed this will resolve the problem.

First of all, I am using a 64bit system with Windows 7 Ultimate. I downloaded the game through STEAM.

1) Start the game so that STEAM can finish installing the software.
2) As the game starts, accept Windows Live request to download the update for the game.
3) Quit the game so that Windows Live can update the game.
4) Go into the folder with the Bioshock EXE. (Program Files (x86)/Steam/steamapps/common/Bioshock/Builds/Release). Right-click the Bioshock.EXE, chose "Properties" and chose the compatibility tab. I chose to "run in compatibility with Vista SP2" and "run as administrator".
5) I transferred the Trainer 1.1 into the same folder as the Bioshock.EXE file. Then also modified the properties to be "run in compatibility with Vista SP2" and "run as administrator".
6) Then I placed both shortcut (on the desktop) next to each other.
7) I would start the Bioshock game, as the Bioshock icon appears, I immediately start the trainer. The idea is for the trainer to start before the screen blacks out and the game fully starts. You know you have succeeded when the trainer immediately says the game is running just after it starts.