I contacted Corel about this problem and they said that this issue could be caused because of teh hyperthreading feature of the Intel P4 process and how it interacts with the JPG import filter. Since this issue is occuring on an Windows XP machine they said we could use the following workaround:
Go into the properties of the primary hard drive, go into program files, go into WordPerfect Office 11 or 12, go into programs, right click on CDRCONV and go to properties and then choose the compatibility tab and put a check mark next to "run this program in compatibility move for "windows 98/ME".
I tried this workaround on my PC and tried to open one of the images that I was having trouble with and it opened with no problems.
They stated that this workaround is ONLY for Windows XP and that if you are using another operating system that the hyperthreading in the system BIOS will have to be disabled and to contact your computers manufacturer to find out how to do this.