well, not a rom issue then. do other games work ok? have you tried switching to the opengl plugin (or if you're using opengl, use the softgpu)?
have you tried reinstalling fpse? if you have any saved games in memory cards, or save states, be sure to backup fpse first (menu, misc, backup). it saves it to /sdcard/fpsebackup. I recommend you not restore it. instead, I recommend you copy the memory card and save state folder to another location (with a file manager program like 'astro'), then after you reinstall fpse go to menu, misc, mem card (and save state) to point to the location where you copied the files to.