I have an update.
I went to the iw3mp.exe file, right clicked, clicked properties, and ran it as an administrator.
IT WORKS!
Turns out that COD4x was trying to update the iw3mp.exe file, but couldn’t as it did not have administrator privs… so each time it tried, it would create a “impure” file and start over again causing the “loop” I described where it would never get a chance to run the multiplayer aspect of COD4.
By right clicking on the iw3mp.exe file manually, (after running the cod4x manual install *.cmd file) and running it as an administrator just once, the file was updated properly and cod4x works properly now
Hope this helps someone else!