Photoshop 7.0 won't open on G5

Everytime I try to launch Photoshop 7.0 on my new G5 I get this message:

"The Application Adobe Photoshop 7.0 has unexpectedly quit"



After installing 7.0, I downloaded the 7.01 updater then the 7.01 G5 updater. I've had the G5 for less than a week and PS was working. Then inexplicably I started getting the above message. This is very frustrating.


To thought I'd try to get some answers from the forums before poping $39.95 with Adobe.
Your comments and advice would be greatly appreciated.

jerry

have you checked the console to see if any errors are being sent? Also, have you tried repairing disk preferences?

Thanks for the help. What do you mean by checking the console?
I've run the disk utility>repair permissions and repair disk.
How do you repair disk preferences?

jerry