Make sure that the Show/Hide track option to the left of the video track is set to "Show". The "eye" icon is displayed when a video, effect or transition track is set to "Show".
If you are using Video Edit Magic 3.3 or higher then click on the Edit menu, point to Timeline Track and click Enable All Video Tracks.
For the latest version of Video Edit Magic, visit:
http://www.deskshare.com/vem.aspx
DeskShare - Support