"New" computer, missing water?

[postalbyke]

Just got a different ( I hesitate to use the word "New") computer, And at first glance it works better than my current one (despite having slower specs)("New" old desktop versus newer laptop) Anyrate!
WinXP AMD Athlon 1.blahGhz, 256MB RAM, GeForce4 MX4000 (this might be the problem) video card.

The problem is as follows:
Load up training missions, torpedo attack (my favorite because it requires no immediate attention, and I know how fast it loads), I arrive in the boat, and my crew is technicolor green and purple, the WEPS is missing his body, and when I jump to external camera for an FPS check, the water is missing. I would post a screeny, but the "new" computer doesn't do the internet here yet. It's black under the boat, the water's surface is missing, and you can see all the way to the keel of the surface ships, and I could see my boat clearly even though it's submerged.
Any Ideas?

p.s. It's much more fun to shoot torpedoes when you can see them rushing toward the target without event cam!