I have FINALLY found the fix for the game freezing at the Ferris wheel cut scene.
Solution:
1. Download the “CookedPCConsole.rar” file from the link below:

http://www.mediafire.com/?94nlv99i7me8y8b

http://www.putlocker.com/file/74C5E864AC794329

File size: 120 MB

2. Extract the files from the .rar file

3. Copy/ move the folder “CookedPCConsole” to the “DevilGame” folder in the game’s install folder*, when asked if to merge and over-write existing files, click “Yes”

* Default game install path:

32-bit:
C:\Program Files\DMC Devil May Cry

64-bit:
C:\Program Files (x86)\DMC Devil May Cry

4. Start the game and continue playing.