First thing: install this version. For licensed users upgrades are free for up to six months from purchase date. After that, VP will continue to fully function but a fee will be required in order to register the newest. Retain your old install file and registration info.
Confirm that the video driver and Direct-X are current...
AMD / ATI users: http://support.amd.com/us/gpudownload/Pages/index.aspx Intel users: https://downloadcenter.intel.com/default.aspx nVidia users: http://www.nvidia.com/Download/index.aspx?lang=en-us Update DirectX: http://support.microsoft.com/kb/179113
If that doesn't solve the issue, let us see what you see by sharing the project. This can be private, and it's not difficult. Just follow these steps closely...
Back up --- With your project on the timeline, click on MENU at the top-left. Click FILE|BACK UP PROJECT FILES TO FOLDER. Choose a folder and SELECT FOLDER.
Upload --- Use a free server - Google Drive, MS OneDrive, etc.* - to upload the saved, numbered FOLDER. Do NOT upload the individual VPJ or export file.
Get link --- Get a public link. If using Google Drive click GET SHAREABLE LINK. If necessary change "restricted" to "anyone with the link can view"
Share --- Click COPY LINK | DONE. Paste that link here, or click the folder at the top-right of this forum to message it privately to me. It won't be shared.
* Before uploading, right-click the folder, click PROPERTIES. Look at the File Size to confirm that it's not too big for the free space on the server.