It sounds like there have been multiple installations of Aces High, or you have installed the game in the "Programs Files" folder.
As I cannot sit at your computer and see what it is like, here is what you should do. If you are running any type of anti-xxxx software on your computer, SHUT IT DOWN!! before continuing.
Remove everything related to the game, from the desktop and the hard drive. Be sure to use the un-installer from the Control "Panel Programs and Features" to do this. Make sure there are no desktop ICONs left on your screen.
Re-install a fresh copy of the current full version of the game. At the same time, go ahead and download and install the high resolution texture pack from the WEB site and install it (if you want to use that package). If you do not want to use that package, set the "Maximum Texture Size" in the games "Video Settings", to 512.