I had this tricky black texture problem with my Nvidia GeForce 7300GT card. Looks like this problem is generally attributed to Geforce 7 series card.
Problem:
When you are in the middle of the game, you would see blacked images of certain objects in the game.
How to Fix:
Just download the 169.04 Nvidia drivers and it would smoothly fix the problem.
I had this problem recurring even after updating new drivers, but reverting 169.04 version worked just fine to me.
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April 6, 2008
Download the Nvidia Beta Drivers, This is a known bug on the COD4 FAQs.
December 4, 2010
Thanks for the solution, I have had this problem before.