Paint Shed won't start (UTC)

[Bluestrike]

Hello all,
I can't seem to get Paint Shed (UTC version) to start. I get this error:

AppName: trainz paint shed.exe AppVer: 1.5.0.1 ModName: paintshed.dll
ModVer: 1.0.0.2 Offset: 0000c61d

Someone suggested running Paint Shed in Windows 98 compatibility mode, however that did not work. Any suggestions?