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Which version of Adobe Presenter are you using 7.0.0 or 7.0.7 ?
Which windows are you working on ?
Also, in my experience, most of the time it is an image on the slide that is causing the issue. Try removing the images on the slides one by one, and see if the presentation magically works when one is removed. When you find the offending image, create another version of it as a JPG or GIF and re-insert it on the slide. See if that clears things up. It sounds like slide one has the problem child, so I'd just start there.