I've had these glitches with CGX4 before so hopefully your card is ok, something is probably wrong in the tool types or something else installed causing compatibility issues.
Right now I'm using Picasso96 with my CV64/3D without any issues but CGX4 is definitely faster if you can get it working correctly. There are some updates you can download here:
http://phase5.a1k.org/index.php?cgx
Starting with OS3.9 BoingBag 2, there are incompatibility problems with CyberGraphX unless you have these patches installed. Either make sure you have at least RC5 installed, or install over a plain OS3.1 installation, to determine whether you're dealing with a hardware or a software problem.
