Well, one of possible causes is corrupted configuration. What happens if you try to create a new "Rendered Image" document from the start page? If the same problem occurs, it might be due to an invalid configuration. Try running the exe with /reset switch ( "C:\Program Files\RealWorld Icon Editor\RWIconEditor.exe" /reset ) - that should fix the configuration.
Another cause may be problems with OpenGL driver. Does the program run correctly if you open multiple 3D objects at once?
Please let me know if the otucome and possibly send the 3d model to info@rw-designer.com , but I doubt there could be a problem with the 3d model.