The very first frame of an avi file exported from Ulead Cool 3d 3.0
(with rex codec) appears like a colorful mosaic posed on a gray background.
It happens only to me?
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This might be what you are looking for - I forgot about this earlier!

In your ulead32.ini file, either modify a line or add a line to read:

[HardwareAcc]
NotSaveOpenDML=1

This will resolve some issues with conflicts between Cool3D, WIN98's 
new 2gb file size "cure" and the Canopus Drivers. The file cannot properly 
handle Microsoft's new AVI file format OpenDML.For C3D you this turns 
on a flag in the Ulead32.ini which allows you to save the AVI file in 
the old RIFF format.

This might be related to the first frame problem you guys are seeing. 
In my case, not having this line caused the system to crash intermittantly 
when playing a Cool3D file in Rex Video.

Maybe they are related.