http://bugs.winehq.org/show_bug.cgi?id=31943
--- Comment #18 from Eli Wapniarski eli@orbsky.homelinux.org 2012-10-16 00:25:47 CDT --- Oh...
Just noticed, you are using the launcher to run the game, try this.
From a console, navigate to:
~/.wine/drive_c/Perfect\ World\ Entertainment/Perfect\ World\ International/element/
Then run
wine elementclient.exe
I found the newer launcher to be anything but.