Are you using RGB Rendering mode?
Try to use another rendering mode (CTRL+P -> Video -> Video rendering -> select Default video renderer)
Otherwise try to switch between two rendering mode.
If the problem persists, try to delete the BSplayer.xml preferences file (in BSplayer installation dir or in C:\Documents and Settings\USER_NAME\Application Data\BSplayer)
then start BSplayer and try to play a file (note that this way you'll loose your settings)
As a last try, you can install ffdshow which has an option to flip the video vertically..
Good luck
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