Open up Firefox or comparable browser, view the error console and find the actual errors. Then you can go into the files and adjust the paths so it points to the correct url.
Oddly I just upgraded to VB 4.2.0, installed a custom theme in /images/themename and it worked flawless.
Are you using MGC Chat Evo v3.2.3 free version or the branding free?
What version is your Vbulletin?
Again, opening up error console in the browser will tell you exactly what's up, but I suspect your theme is not compatible with your VB version or it's hacked and has incorrect values.
Try REINSTALLING your custom theme as a brand new theme and don't inhereit any settings. If that works, it's your other theme.
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