Works fine for me - 2 nVidia Geforce 7300 GT (Not sure what drivers are on here since messing it up earlier in the year)
Not that I've been having fun with it or anything...
Changed it to:
void main( float4 pos : POSITION,
float4 color : COLOR0,
float2 uv : TEXCOORD0,
out float4 oColor0 : COLOR,
//out float4 oColor1 : COLOR1,
uniform float time
)
{
float phase = 10;
float amp = 10;
float freq = 1000;
float2 dir = normalize(uv - float2(0.5,0.5)) ;
float funcT = dot(uv, dir) * freq + time * phase;
float R = sin(funcT)*0.25 + 0.75;
float G = cos(funcT)*180 + 90;
float B = sin(funcT) * cos(funcT)*5 +12;
oColor0.xyz = float3(R,G,B);
oColor0.w =1;
}