Hi caron_k,
I've had this myself, Locate "video7.cfg in your "settings" folder within the main "Aces High" folder. Delete it (Or perhaps just rename it). Next time you start AH it should take you to the video options selection screen and after selecting the resolution etc you should be up & running. I wouldn't have thought you would have any problems enabling mip mapping & 32 bit colour etc with that set up but you might want to try turning them off if the problem persists.
TTFN
snafu