~$ wine /media/cdrom0/HWSetup.EXE
The installation proceeds as usual and ends without a single error.
Run the game and you'll find the copy protection gives you an error. Wine doesn't properly support the copy protection used by Cataclysm, yet. To get things a little further, you'll have to get a copy protection crack so the game will at least start.
Once the crack is applied, the game is startable. You get to see Sierra's and Barking Dog Studio's splash screens. It's after that when the game proper is supposed to start that you'll encounter a plain black screen.
Run the game in a Wine virtual desktop and you'll be able to see that the program crashes and Wine throws up a dialog. It looks like one of those Windows XP error reporting dialogs.
Homeworld: Cataclysm is a no go on Linux at this time.
Just to be sure it's not a video driver issue, I've tried both the open source -ati driver and Catalyst (I'm running a HD3200 IGP here). Both gave the same results. Cataclyst driver used is version 8.723.1-100408a-098580C-ATI. Wine version used for the test is 1.3.22 with default settings.
Homeworld on Ubuntu
Nox on Ubuntu
Diablo II on Ubuntu