Try uninstalling "Visual Studio .NET" and then run ePSXe to see if that is the problem. Kernal32 is part of the OS. Try searching the Microsoft Knowlage Base.
I don't know if anyone will see this since this thread is so old, but I wanted to add something I think may be important. I was having the EXACT same problem. Suddenly I could not get ePSXe to play the games I had played many times before. I would get a black screen at start up. I remembered something about black screen being related to sound. I went into the sound plugin, and there is a tiny check box "allow sound" that was not checked. I put a check mark in it to allow sound, and everything is fine now. For me it started because I was trying to delete out all my save files, and in my monkeying around, I must have accidentally unchecked it. I hope this helps others who might encounter this, but I think it's pretty rare. This "black screen" is not related to the advice given for the "normal" fix, i.e., CPU overclocking set at 1 etc.hmmm, well it'll do the same with me but I have some save states that I can load which loads the game in question that's why I can hear sound but there are no visuals. You might be able to do the same if you have some save states, but even if this were so I'm still not sure what it could be. Again, I've had previous versions work fine with XP so I don't think it's XP's fault specifically, maybe just a fault with the current version of epsxe? Then again, I recall have the current version work fine for a while with me then all of a sudden simply not working. My only guess was that it was because of Visual Studio .NET but why would that leave everything alone except the graphics?
Yeah nah, none of this is worth doing and necroing a 21 year old thread forI don't know if anyone will see this since this thread is so old, but I wanted to add something I think may be important. I was having the EXACT same problem. Suddenly I could not get ePSXe to play the games I had played many times before. I would get a black screen at start up. I remembered something about black screen being related to sound. I went into the sound plugin, and there is a tiny check box "allow sound" that was not checked. I put a check mark in it to allow sound, and everything is fine now. For me it started because I was trying to delete out all my save files, and in my monkeying around, I must have accidentally unchecked it. I hope this helps others who might encounter this, but I think it's pretty rare. This "black screen" is not related to the advice given for the "normal" fix, i.e., CPU overclocking set at 1 etc.