Have you tried a fresh install of AH1? When I say fresh, I mean use the Add/Remove Program ICON in the Control Panel of Windows, and then remove the C:\Program Files\HTC\Aces High folder.
After that, do an install of Aces High. If you want to preserve any settings, you can save a copy of the "settings" folder located in the C:\Program Files\HTC\Aces High folder before removing the program.