I saw three different versions up for sale at blackstar
this evening.

1. the Regular Version
2. Director's cut
3. Collector's ed.

Does anyone know what the difference is between #2 and #3?
Which one is better?

Well, for starters the Director's Cut is VHS while the Collector's Edition is a DVD. The Collector's Edition is a HKL title, so it's almost guaranteed to be a good disc.

Thanks for the note about the one being a Videotape. So, does anyone know if the Collector's Edition DVD contains the director's cut of the movie? Has anyone seen it before?
How is it?

The HKL disc is the full director's cut:

http://www.hongkonglegends.co.uk/films/prod06drive.htm