Is there a Error folder in the game folder? if so can you send it to me to check if there were any errors.
If it worked before redownloading should fix the issue.
windows 32b or 64b?
integrated or dedicated graphics?
The issue aren't the textures but the world precision.
Textures display correctly, the models have incorrect dimensions, this happens when you move far away from the center of the universe but the game should compensate and reset the position of the player to avoid this type of issues, not sure why this is not happening in your case.