Wesley, this has been covered in some reasonable extent over on the ZLA forums, in a few different threads. I have the exact same problem, and have yet to get everything completely fixed. I am running Vista, however, with the 965 chipset.
To get things working reasonably well (and I say reasonable in that's it's basically functional) is to disable the display drivers in the Device Manager. This of course wreaks havoc on computer performance, but VRC generally works. Of note on mine, half the sector file (west of LAX) displays letters instead of numbers for the MVA's. It's annoying, but who needs MVA's anyway right? Mountains? Bah!
But it will make VRC functional, allow you to see everything you should be able to see, etc. I haven't used Windows 7 yet, so I'm not sure if the above applies, but it definitely works in Vista. There are some other fixes listed on the ZLA forum (that did not work on mine) that may be of help to you. Of course, when you're finished using VRC, you need to re-enable the driver, or reboot the machine.
Good luck man, if you find any other fixes out there, I'd love to know!