Hi,
Maybe this will help you: http://wpguru.co.uk/2010/01/how-to-modify-the-modularity-lite-theme-from-graph-paper-press/
At least here is some explanation what part of php-code to disable and in which files.
Found simple way to show static image instead of slideshow. You just have to edit file “slideshow.php” (or similar). There is five groups of script with different image names (image1.jpg, image2.jpg…), leave the first group and delete others. For result slideshow javascript couldn’t find other images and shows the first one – simple.