Welcome to the forums,
First if the 2nd image is not from VS where is it from? Certainly looks like a VS library..

You will need to make sure you can view hidden files and folders. The following instructions are for WinXP;
If you close Video Studio and delete the uvs.ini file in Documents and Settings\username\applicatian data\ulead systems\10.0 or 11.0 (depending on your version) and then re-open video studio, it should resolve your issue.