I don't think there's a way at all to use the 3D accel. plugins and expecting good results. Either software plugins, or use VGS, or bleem! in software mode. If you want to use 3d plugins, get a new 3d card.
Kevman, you can run Windows w/32 mb, but just barely. Sort of like a size 16 person trying to squeeze into a size 14.
Dukenukem, you really ought to consider upgrading your computer.
At least more memory and a better video card if you can. Trying to get ePSXe to perform, even half way decently, w/what you have is going to be very hard, if not darn near impossible. Sorry .