Photoshop Elements 3.0 Launching Error

Hi, i'm using ps elements 3.0 as of right now till i get my new ps. The problem is the program doesn't launch properly. It starts in a welcome screen and scans/initializes everything but right afterwards i get this message:

[url] http://img85.imageshack.us/img85/9490/helpttqw0.png[/url]

after i get this message i attempt to launch it again and i get a different message saying:
this application failed to launch correctly.

Is there anything i can do[?] I looked through the memories  here but they really didn't seem to have problems like mine. The solution to a vaguely similiar problem for another person, was that the program was running so slow because she didn't have enough ram/computer space to run it. However, mine won't even open at all T_________T;; please help. Do i perhaps have too many brushes and plug-ins etc in it?