As the error says Alpha bend is not supported by your card. Aswell as the glow effect alpha blend is also used in blending cetain textures together.
example, sand that slowly blends into grass and then into a road.
So yeah your card can not run this game. But not to fear you can easily buy a new card for your system. They start from $79 and can go up to $800.
So depending on your budget and your motherboard will limit what you can get.
Also could you post your entire system so we can see if there is any other hardware that is not compatible with CoD4.