Depending on the full spec of your PC, try using a pre-0.106 build (0.100-0.105) as emulation was decent by then, but still using the old graphics engine. The reason it's freezing at the vertical bars is because the frame rate is so slow it is not even getting to the first frame of the game. Try turning off any stretching, visual effects etc. I've got it running decent with auto frameskip on a P4 2.4Ghz with good on-board graphics.
Failing that, that spec is perfect to run pSX Emu, which emulates most of those great PS1 fighters brilliantly; particularly my favourite Souledge.