Photoshop 7.0 will not initialize - cannot intialize ACE implementation

I have Photoshop 7.0 installed on my system, and in the past couple of days I have been having the following error message appear every time I attempt to load Photoshop:

"Can not initialize Photoshop can not initialize ACE implementation."

I have a vague idea that there may be something wrong related to the Adobe Color Engine, but I have not been using Photoshop for long (less than 1 month) and would not know exactly how to troubleshoot this sort of error. Any ideas (other than having to do a reinstall?)

First, make sure you updated to Photoshop 7.0.1 (if not, download the update and install it).

Second, you may have a corrupt ICC profile on your system. The most likely one would be your display profile (use Adobe Gamma to create a new one).