I seem to have the same problem if I have had WinFax loaded and in the "standby" mode to receive calls. If I try to start UFT 3.0 while WinFax is loaded, I start to get a strange pattern of red lines from the top of the screen, then the system locks up. The only way to get back in service then is to do a restart.
So I've gotten in the habit of rebooting and not starting WinFax any time I'm going to use WinFax. I haven't tried to just "exit" WinFax but will try that sometime later today to see what happens.