What has changed on your system? Have your received any manual or scheduled system / software updates? Have you installed anything recently. Did you change any internet explorer settings? What is currently running on your computer in the background?
Even the slightest change to the system could cause unexpected behaviour. Check the log files to see if or when changes have occured. Check the Trainz log file (not at the Trainz machine right now so can not remember the exact name) for any error messages - the file could be long - have patience and go through it line for line. The error could be quite a way down the list.
Start with these checks then post your system config (trainzdiag) to give us an idea of where to pick up from here.
Also, if you are running Vista, are you sure you are working in full adminstrator mode?
Hope some of these check will lead you to the correct solution.
Brian