Just for the heck of it, are you useing an ATI graphics card? If so, changeing the "mode" of your AA settings may work. I had a similar problem with my 5850 where every time I hit a ship with a torpedo, as soon as the torpedo impacted, I would be left with a "skeleton" of a ship. Adjusting the AA Mode fixed the problem. I have my damage effects on high.
Here's a similar thread:
http://www.subsim.com/radioroom/show...aring+textures