This is just a shot in the dark, but one thing you can try is deleting the registry key set by ePSXe that holds its configuration settings. To get to it, go to your start menu and type "regedit" into the search box, and hit Enter. When the Registry Editor comes up, expand HKEY_CURRENT_USER, and scroll down until you see a folder simply called "epsxe". Right click that folder and click Delete, Yes to confirm. Now run ePSXe again, and it should give you the setup wizard, hopefully allowing you to configure your plugin options properly.
Now if that doesn't work, maybe try an earlier version of ePSXe (like 1.7). Can't imagine why it would make a difference but then, the issue you're describing is highly unusual anyway.
"I think that the problem with this video is it is highly derivative of many popular bands within the genre. Although when viewed on its own merits, it does have a deeper groove. However what it has in groove, it lacks in originality. One can't help but be reminded of such bands as Pearl Jam, White Zombie, Suicidal Tendencies and other bands that bear the mantle of so called "Alternative Rock". One is even reminded of Lorie Anderson when she wore curlers. Hehehmhm! This video speaks less to the heart and more to the sphincter. In closing, I think Korn would do well to learn more from -"