am a Notes newbie, so sticking my neck out a bit...
Try changing your internet browser preference in your Notes location document:
warning: make changes thoughtfully in locations. they can have unexpected and undetected 'until you forget what you did to cause 'em' results. record what the setting used to be b4 changing it...but changing the browser preference should be relatively harmless...
From Notes, pick File/Preferences/Location Preferences/Internet Browser/record current setting then pick Notes with Internet Explorer. Save and Close (upper left). exit and restart Notes.
Are other emails/links/images displaying correctly?
I agree that a upgrade would probably fix it. You can backup your Local notes.ini, names.nsf, bookmarks.nsf and desktop5.dsk files to be extra safe before upgrading .
i had some weird problems like yours I could never figure out and IBM couldn't help either but they went away with a deinstall/reinstall of the Notes client. If you do a deintall you blow away your names.nsf (internal address book-might be named something else like sarahsaddressbook.nsf on your system). the internal address book also contains all location documents, very important. you don't want to lose that stuff unless you are comfortable with setting up locations and reconnecting to the Dominos server (this on a laptop??)you will also lose your bookmarks which can be annoying, so that's why I'd backup those files i mentioned earlier...good luck
