Wrong Settings for Framebuffer Effects...
Thats why the Camera spins around Conker.
Disable the "Hide Advanced blablabla..." Checkbox in Rice´s Video-Plugin, and try different combinations of Framebuffer emulation
In Multiplayer there is currently (as far as i know) no solution for the spinning Problems with some players (player 2 and 4 i think still keep spinning)
You could also try Jabo´s D3D8 1.6 Plugin included with PJ64 1.6 (has only some Problems with Blurring Effects), or try Glide64 0.8 (with the included Glidewraper if you don´t have a Voodoo-Card), which emulates Conkers Bad Fur Day nearly Prefect.