Photoshop 7 cause system error when launched

I have suddenly started being unable to launch a version of PS7 (7.0.1) that is rtunning on a G4 Tower (1.25GHz with 768Mb RAM) running on OSX 10.3.9. It has been working fine for about two years. I have tried it in both the administartor and user accounts and the effect is the same, it won’t launch a generates a system error. I have reinstalled it, and I still get the same error. I have checked all the permissions from the Applications folder right down to all the files in the Photoshop 7 folder and they are correct, to be sure I have even propagated the permissions just to be sure and still get the same error which is:

Date/Time: 2006-11-16 11:49:39 +0000
OS Version: 10.3.9 (Build 7W98)
Report Version: 2

Command: Adobe Photoshop 7.0
Path: /Applications/Adobe Photoshop 7/Adobe Photoshop 7.0/Contents/MacOS/Adobe Photoshop 7.0 Version: 7.0.1 (7.0.1)
PID: 580
Thread: 0

Exception: EXC_BAD_ACCESS (0x0001)
Codes: KERN_PROTECTION_FAILURE (0x0002) at 0x00000000

Thread 0 Crashed:
0 0x06e987f4 0x6e10000 + 0x887f4
1 0x06ef1bb8 getTimezone__Fv + 0x28
2 0x06ef1c10 _sinit_Util_cpp + 0x10
3 0x06e12e80 0x6e10000 + 0x2e80
4 0x06e8bd5c 0x6e10000 + 0x7bd5c
5 0x06e770d0 _arminitialize + 0x30
6 …ple.CoreServices.CarbonCore 0x902f1314 InitializeOneConnection + 0x1f8 7 …ple.CoreServices.CarbonCore 0x902ffe50 InitializeConnections + 0x88 8 …ple.CoreServices.CarbonCore 0x902e889c PrepareClosure + 0x16c 9 …ple.CoreServices.CarbonCore 0x902f84b0 PCFragPrepareClosureFromFile + 0x1d0 10 …ple.CoreServices.CarbonCore 0x90300068 GetDiskFragment + 0x120 11 application 0x02a486d0 0x2008000 + 0xa406d0
12 application 0x023a3ffc 0x2008000 + 0x39bffc
13 application 0x0248d934 0x2008000 + 0x485934
14 application 0x02068820 0x2008000 + 0x60820
15 application 0x02068b60 0x2008000 + 0x60b60

Thread 1:
0 libSystem.B.dylib 0x90018e78 semaphore_timedwait_signal_trap + 0x8 1 libSystem.B.dylib 0x9000ea14 _pthread_cond_wait + 0x268 2 …ple.CoreServices.CarbonCore 0x902da570 TSWaitOnSemaphoreCommon + 0xb0 3 …ple.CoreServices.CarbonCore 0x902da3f4 _Z15AsyncFileThreadPv + 0x38 4 libSystem.B.dylib 0x90024990 _pthread_body + 0x28

PPC Thread State:
srr0: 0x06e987f4 srr1: 0x0200f030 vrsave: 0x00000000
cr: 0x22004244 xer: 0x00000007 lr: 0x06ef1bb8 ctr: 0x90001a44 r0: 0x06ef1bb8 r1: 0xbfffdda0 r2: 0x06fdd000 r3: 0x00000000 r4: 0x00000000 r5: 0x00000000 r6: 0x00000000 r7: 0x00000000 r8: 0x90147ef4 r9: 0x00000000 r10: 0x00000013 r11: 0x44004422 r12: 0x90001a44 r13: 0x01416aa0 r14: 0x01414544 r15: 0x013e4cf4 r16: 0x00000000 r17: 0x00000000 r18: 0x00000001 r19: 0x00000000 r20: 0x00000000 r21: 0x00000000 r22: 0xbfffe090 r23: 0x06fd75cc r24: 0x06829ce0 r25: 0xa02b0039 r26: 0x00000002 r27: 0x0682a060 r28: 0xbfffe0c1 r29: 0xa02b112c r30: 0x06829b20 r31: 0x00000000

Binary Images Description:
0x1000 – 0x9fff com.adobe.Photoshop 7.0.1 /Applications/Adobe Photoshop 7/Adobe Photoshop 7.0/Contents/MacOS/Adobe Photoshop 7.0
0xbb000 – 0xbc0a5 {? PEF binary: Enable Async I/O¶/{?
0xc3000 – 0xf3f7b asn.ear.ca.dll PEF binary: asn.ear.ca.dll 0x287000 – 0x2d29db CarbonLibpwpc PEF binary: CarbonLibpwpc 0x2d29e0 – 0x2eaccd Apple;Carbon;Multimedia PEF binary: Apple;Carbon;Multimedia 0x3131d0 – 0x313282 CFMPriv_CoreFoundation PEF binary: CFMPriv_CoreFoundation 0x313420 – 0x3134d5 CFMPriv_DVComponentGlue PEF binary: CFMPriv_DVComponentGlue 0x313710 – 0x3137b3 CFMPriv_QuickTime PEF binary: CFMPriv_QuickTime 0x313830 –