Well disappointed no one came to my rescue. I thought someone might have had an idea or solution. I should have known (from my last problems as a novice installing VS7) and anyone else who comes across this problem with Vista it seems it is all about drivers & updates and after pouring of multiple website forums it became clear that I needed to reinstall & update any drivers and software remotely relavent to my problem...no sure what I did but I seems to have self fixed the problem. Case closed
What I did
1/ Updated my DirectX Video Capture card driver
2/ Removed and reinstalled ULead VS 10 plus
3/ Downloaded Ulead Vista patch & SP1