Hello Richard,
This is as far as i get, anyone else getting farther? This is using the dlls from alldlls2.zip
Yes, using Bochs I can even see start menu and the first (not yet working) cabinet window. You can see a screenshot at Gge's web page: http://edou4ever.free.fr/gge/reactos/Ros_015.htm
When trying it in VMWare I see the same problem as you - though, I don't know why there is a difference between Bochs and VMWare. May be some timing problem?
Regards,
Martin