This should be showing at 85% opacity or something like that but instead the graphics are completely transparent:

The panel appears normal after first applying a skin, and then later turns into that mess (can't find any pattern to that). This is a brand new computer with not much installed on it yet.
WindowBlinds version : WindowBlinds 6.01 (build 40 x86)
WindowBlinds is installed correctly on this PC
WindowBlinds appears to be activated on this PC
Your machine supports per pixel borders on WindowBlinds skins.
(Plug and Play Monitor) 1 is attached to NVIDIA Quadro NVS 140M
Wblind.dll 2007/11/06 19:17:20
Wbsrv.dll 2007/11/02 14:33:04
Wbconfig.exe 2007/11/02 14:30:08
Wbload.exe 2007/09/27 17:47:44
Wbhelp.dll 2007/08/27 11:54:07
Wbui.dll 2007/11/06 10:13:05
Tray.dll 2007/09/12 17:58:21
Screen.exe 2007/11/02 14:33:51