I’m guessing you are using the custom style for the slideshow that comes with the Celestial Reloaded theme? I’m not sure how much compatibility it has for ie8, but the only way for me to test this is to try it locally. Can you give me the caption text that you used for the first slide and I will setup one.
As for ie7….not going to happen. IE7 is long gone and there are not many themes, designers, even plugin developers who support it. In fact, ie8 will soon become extinguished.
UPDATE: I also realized you are on an older version of Celestial Reloaded. I would recommend you update because there have been many bug fixes and addons.