The easiest way to get UO to work on your Mac is to either set up a Windows Bootcamp Partition or use a stable virtualization software (most well known are Parallels and VMware Fusion, I prefer Fusion). I was previously a longtime UO player (1998-2003ish), switched quite happily back to Mac in 2007, and have recently been thinking about picking UO back up. I got rid of my Fusion VM a while back simply to have the extra HDD space (I had XP installed because I had to run Visual Studios for CS classes at the time), and so I decided to test out CrossOver Games for UO (so I don't have to virtualize an entire OS for one game). The main reason I joined this forum is to tell people how to install it. During my first attempts, I kept hitting a point in the install where it would ask me to choose a directory and then tell me that the directory is invalid (It seems everyone else has hit this wall as well). When I would choose a directory from the file tree it wouldn't update the link path above, and when I tried to change the link path it would crash. What I ended up doing to get around this was to mirror the file path listed in the installer for the UO beta (C:\Program Files\Electronic Arts\Ultima Online Enhanced), or in layman's terms, I created and appropriately named the 2 nested folders that need to exist for the install to work.
When you install CrossOver Games, it adds the following file to your computer:
[home folder]>Library>CrossOver Games>Bottles
note: your home folder is typically listed under places in finder as a little house. you can also get to it by clicking Macintosh HD > Users > [choose the account that shows up as a house icon - it should be the one you are currently logged into unless you have messed with your icons]
When I installed CrossOver Games, I first created a 'Bottle' named Ultima Online. Make sure you create a bottle, and then once you are in the Bottles folder (path listed above), double click on your Bottle name (Ultima Online), and you will see a list of about 10 files that contain all of the information for that Bottle. You next want to open up the drive_c folder in Bottles. In drive_c, you should see Program Files - open it. Once in Program Files, you need to create a new folder and name it Electronic Arts to match the file path listed in the UO installer window (if you are, for some reason, unaware of how to create a folder, you simply have to right click and choose the option for New Folder, or you can just use the keyboard shortcut command-shift-N). Once you have created your Electronic Arts folder, you need to double click and open the empty folder.
Once you have opened the newly created and named Electronic Arts folder, you want to create another new folder and call it Ultima Online Enhanced. If you are installing a different version of UO than I am, you may need to name that folder differently. All you have to do to know what to name it is look at the C:\ file path in the UO installer and make sure your nested folder names match. Once you have done this, you should be able to complete a successful install. If you have the installer open and at the install-directory-choosing point, you just have to hit back and then next (go back to the previous step and then go forward to the install directory step so the file tree refreshes). You also do have to click on the folders in the file tree that correspond to the file path listed above it in order for it to let you proceed with the install.
The game is still patching, so I don't yet have anything to say about the stability of UO on CrossOver Games (it's not technically a supported application by CodeWeavers, who makes CrossOver Games), but I will try to update once I get to actually play it. I pretty much just wrote this because I was unable to find anything on how to successfully get UO to install using CrossOver Games (only posts from frustrated people trying to get through the installer), and I wanted to put this information out there to help.
If any of the terms or instructions I have listed are confusing, feel free to ask questions.