For those that haven't seen it, the squiggly red lines shift and undulate quite a bit, and actually looks like it's doing something fairly complicated. What is the program actually doing here? I don't actually know anything about graphics processing, so I assuming that it's performing some kind of stress test on the system, but I have no clue as to what it might be doing behind the scenes. And: If the software is trying to tune itself, how would it know what to change, especially on an older system?
Well, turns out the Wikipedia article has the answer already:
WinG would also perform a graphics hardware/driver profiling test on the first execution of the program in order to determine the best way to manipulate the graphics hardware. This test showed a window full of red curved lines, sections of which would wobble as performance was tested. Once WinG had determined the fastest calls that did not cause graphics corruption, a profile would be saved so that the test would not need to be performed again.
Thanks to Stephen Kitt for the comment of what to look up, "WinG"