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One is probably set to use OpenGL when rendering. If that's not it, then the color settings don't match on both machines. I'd copy the preferences file from the machine that is working and use that file to replace the preferences file on the one that is.
There's a button on the General Preferences page at the bottom of the panel that will direct you to the file.
Edit: Just read Mylenium's post and he also has a good point. Different versions of a codec can produced wildly different renders in ANY program. Avid, After Effects, Premiere Pro, Vegas.... even Movie Maker or iMovie.
It's not in the footage and when I open the project on the other PC we don't have this problem.
Actually it probably is. You are very likely having different versions of the relevant Techsmith CoDecs on the systems (if that's what you're using). make sure to install the same versions of Camtasia or whatever on both systems.
Thanks Mylenium and Rick!
It was the different Camtasia version! I was close to formatting the disc and reinstalling everything... (That would have helped, too, since I would have installed the latest Camtasia then :-)
Thanks a million again!