http://appdb.winehq.org/objectManager.php?sClass=version&iId=22256 suggests you need to delete one file before starting. Also, you might try with a more recent version of wine, e.g. 1.3.17. There's some chance 'winetricks gdiplus' might help, but I have no evidence for that. Does the problem happen with the rumored free trial at http://www.softpedia.com/progDownload/Cool-Edit-Pro-Download-2076.html ?
