Could not Initialize Photoshop because of a program error

Well, I work here in FIU, and one of our professors machines has Adobe Photoshop 7 (with latest update)on it, now lately the program would not even start due to the error message above, I searched thru this forum and found some stuff that I tried
- Deleted Pref's.
- Re installed Program
- Checked Machine permission
- Machine has a 40 gig hd and only 15 gigs are being used.. - Machine has 512 megs of ram with plenty free for Photoshop.

I am Completely stuck, any help would be greatly appreciated. I have ran Photoshop with and without the update and it still gives me the same error.

Are you sure you delted the prefs?

Mathias Vejerslev "How to delete/reset Photoshop preferences" 2/11/03 1:04pm </cgi-bin/webx?50>

If you don't see the dialog box asking you if you want to reset the photoshop settings (or manually delete the prefs file) the prefs are not reset.