Yeah it don't make for me either i get this error in the console:
Failed to create paintball from levels\paintball.w3d
*** FATAL ERROR : Failed to create model levels\paintball.w3d
Attempting to load: C:\Program Files\RenegadePublicTools\LevelEdit\Paintball\levels\paintball.W3D
The w3d should be exported as renegade terrain in the export box then put into your mods folder and have a prestet added. Also any non-standard textures need to be in the same directory. Textures that you didn't get from westwood or you reneamed need to be in the folder.
Hope this helps