this is very simple and ive taught to many friends. it does work and no u will not get in trouble by GMs or PMs for it, ive used this trick for about 2 years now and no issues.
1) copy ur co2 folder
2) paste ur co2 folder into My Documents
3) go into the copied folder
4) go into the ini folder
5) in the ini folder open the 3DEffect file
6) delete the contents of that file
7) save
8) go back to the copied co2 folder and double click play
9) login
10) enjoy no effects and no lag