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When i try to start a game in vbox vers. 3.0.2, the game loads up, but is not seen. I can see the game process running in in windows task manager as it consumes ~50% cpu. This only happened in when i updated to this current version 3.0.2. it works fine in vers. 2.2.4 that i was using before.

I went back to using 2.2.4 and everything seems good again. Is there something i'm not doing right with the new version (ie. new options i'm supposed to check..?) Any help would be greatly appreciated. Thanks guys

When you install the guest additions for Version 3.0.2 you need to do it in Windows safe mode.
Version 3.0.2 replaces a few *.dll files (for DirectX) that Windows decided to make protected. Installing them in normal mode will result in Windows putting them back to the original file.