Jonathan,
Read this exellent article, maybe it will help solve your problem:
http://www.rdpslides.com/pptfaq/FAQ00779.htm

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Luc Sanders
(MVP - PowerPoint)
> In the Slide Layout pane, the graphics are not visible - the text
> describing
> each layout shows up when I move the cursor. I see the same thing in my
> office computer - both have Office 2003 and are pretty new machines
> Jonathan