Firstly, your offset vector is badly assigned. It should be
VECTOR offset = { x=0; y=0; z=0; }

Secondly, like I said, move all waits to the end of a function where possible.
Two actions need fixing, here they are fixed (with an extra safety check thrown in)...
Code:
action camera_action()
{
   cam = me;
   while (me!=NULL)
   {
      camera.x = cam.x;
      camera.y = cam.y;
      camera.z = cam.z;
      camera.pan = cam.pan;
      wait(5);
   }
}

action tcam_action()
{
   tcam = me;
   while(me!=NULL)   
   {
      if(actor!=NULL)
      {
         my.x = actor.x;
         my.y = actor.y;
         my.z = actor.z;
         my.pan = actor.pan;
      }
      wait(5);
   }
}

And finally, and possibly un-necessary (but it makes things more stable),
change your c_move line to be this...
[b]if(tcam!=NULL) c_move(tcam,vector(offset.x,0,0),nullvector,IGNORE_MODELS);/b]

Anyway, time for bed. Night shift is over and Im going home.
If youve still got problems I'll be back on-line in about 12 hours.

PS. All SED setting look fine. Almost all are pretty irrelevent anyway.
And when you are posting lots of code, try to encase it between these UBB codes.
[code ]Your stuff[/code ]

"There is no fate but what WE make." - CEO Cyberdyne Systems Corp.
A8.30.5 Commercial