I re-installed the DVD version of GTR Evolution today after it wouldn't launch, having not played it for 6 months.
I used Steam to delete local content, and then commenced a re-install with the DVD in the drive. Steam looked like it wanted to download all installation content from the web, when my DVD drive started spinning up and it installed it from the DVD instead.
After installation, let me know if you manage to get GTR Evolution to launch and play. It took me a while to get mine working, as selecting the game shortcut did nothing (ie GTR Evolution wouldn't load).
I'm running Windows 7 64Bit. I've only ever installed the online version from DVD. I've never installed the local version.