If your other games are working then it's probably safe to assume that your Harddrive is formatted correctly. I still recommend verifying the MD5 hash, but I'm starting to think the problem lies in your video cables.
Yellow, Red, White cables are known as "composite" cables. These cables are Standard Definition cables and aren't capable of outputting progressive resolutions. To get Wave Race: Blue Storm running successfully via Nintendon't, it requires you to force some sort of Progressive patch, like the ones I mentioned earlier. So it sounds like you're going to need to upgrade your video cables to "component" cables. Component cables are the ones that run your video signal through "Red, Green, Blue" while sending your audio signal through the two additional "Red, White" Left and Right audio cables.
You can probably test this out by choosing one of those settings that mentioned to you earlier and trying to boot up the game again. While you wait for it to load, and it sits in the black screen, listen closely and see if you can hear the games main menu music. If you eventually get to hear the games audio, then you'll know for sure that it's your video cables.
Now, if you don't hear the audio, this doesn't automatically mean that it's NOT your cables. It could still be an issue with your video cables. It could be that as Nintendont tries to boot up the game, and as it's doing it, it looks to see if it can output the correct video resolution. And if it can't it just glitches the game out.
Either way, I'd still try to run the game again with the progressive settings selected, and see if you can hear anything in the background.