HD has little to do with this, i'd prefer to know what videocard do you have. As hushy said, download pete's psx gpus 1.75 and use the ogl one, if you aren't already. If you are, go to the config screen, click on the button at the lower right corner (copy settings to clipboard) and paste them here.
eww, internal X and Y at 0? that looks like Peops oO
btw, i have (for the next 2 days ) a 5600, and i've always NOT checked "no render to texture", otherwise it goes WAY SLOW. (therefore, my rendering to texture is on...for some reason that makes it actually go full speed. i have Nvidia though so who knows.)