I had a dig around on the ulead site (you can tell it's a slow day for me can;t you?) and found this
Multimedia Software Developer: Ulead Systems - Spotlight - Ulead is ready for Windows Vista™. Are you?
It does seem to me that they only have a VISTA patch for v10 given that there's no such patch listed for any older versions.
I did read something (lost link now sorry) that implied you might get better results using the compatibility mode (for older progs) in VISTA. Hope that means more to you than it does me.
All told though, it does seem like s/w problem and an upgrade may be in order. this si the troubel with adopting a new OS when it;s so new. I remember having compatibility issues when XP was brand new.
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