It can be patched up to 1.49. The patch is at least available at the PBW site:
Play By Web (and probably elswhere also).
You need to register to get to the download page (look under misc. files)
Think this link will work once you are logged on.
1.49 download
Anyway:
You can't upgrade all the way to the current Gold Version, so the AI's will suck a bit and there will be few human players available for PBW (Play by Web) games. If you like the game, Gold is a worthwile investment.