Adobe Photoshop CS3 Extended freezes on startup under Windows 7 Ultimate 64-bit - No splash screen

Question

I installed my licensed copy of Adobe Photoshop CS3 Extended today as part of my install a bunch of software after a reinstall of Windows (due to viruses).  I did a completely fresh install of Windows 7 Ultimate 64-bit.  I've used Photoshop CS3 Extended for quite a while now so I know what to expect on startup but it was previously installed under Windows XP Professional (32-bit). Figured I would give Windows 7 a chance this time around.
Google searches aren't turning up anything.  When I attempt to start the application, I get a window with the title "Adobe Photoshop CS3" (no "Extended" - I seem to recall the title changes later) and the toolbar appears.  However, no splash screen appears and no Product Activation wizard appears - the application simply freezes on an empty frame and a toolbar.  I've tried running Photoshop as Administrator (right-click, "Run As Administrator"), but nothing changed there.  I tried uninstalling and reinstalling.  I tried upgrading to CS3 10.0.1.  Nothing works.  The application simply freezes before it gets anywhere.
I tried calling Adobe Support since this technically falls under installation issues but their phone support systems are down today.  Go figure.
Edit:  I hooked into Photoshop with the Visual Studio debugger and every single thread is executing some variation of WaitForSingleObject() or WaitForMultipleObjects().  The main thread is "executing" somewhere in AdobeLM_libFNP.dll (at address 09619d81 - if I had debugging symbols for CS3, I could provide a function).  There are nine threads "running" at the point the freeze occurs - but all of them are technically suspended due to the functions they are executing - and one thread is in a suspended state.

Answer 1

Log Name:      Application
Source:        Application Hang
Date:          7/17/2010 6:16:25 PM
Event ID:      1002
Task Category: (101)
Level:         Error
Keywords:      Classic
User:          N/A
Description:
The program Photoshop.exe version 10.0.1.0 stopped interacting with Windows and was closed. To see if more information about the problem is available, check the problem history in the Action Center control panel.
Process ID: d0c
Start Time: 01cb2616be79e36f
Termination Time: 2
Application Path: C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\Photoshop.exe
Report Id: 06f5fbff-920a-11df-9d69-001fd023417e
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">
  <System>
    <Provider Name="Application Hang" />
    <EventID Qualifiers="0">1002</EventID>
    <Level>2</Level>
    <Task>101</Task>
    <Keywords>0x80000000000000</Keywords>
    <TimeCreated SystemTime="2010-07-18T01:16:25.000000000Z" />
    <EventRecordID>1615</EventRecordID>
    <Channel>Application</Channel>
    <Security />
  </System>
  <EventData>
    <Data>Photoshop.exe</Data>
    <Data>10.0.1.0</Data>
    <Data>d0c</Data>
    <Data>01cb2616be79e36f</Data>
    <Data>2</Data>
    <Data>C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\Photoshop.exe</Data>
    <Data>06f5fbff-920a-11df-9d69-001fd023417e</Data>
    <Binary>430072006F00730073002D0074006800720065006100640000000000</Binary>
  </EventData>
</Event>
And, according to the Event Viewer, the "Binary" data translates to a zero-terminated Unicode string of "Cross-thread".
My Visual Studio analysis was far more informative.  All threads are hung inside of WaitForSingleObject() and WaitForMultipleObjects() calls and the DLL in question appears to be FlexNet-related.  I did forget to mention that I also even manually started the FlexNet service in case, for some strange reason, Photoshop was waiting for it to start.  That also did not work.
(And there is nothing in the Action Center control panel either despite the message saying there might be more information there.)
Edit:  The timestamp above might be a little odd-looking.  I didn't originally see anything in Event Viewer until I clicked the first button to send an Error Report.  Mostly I just skipped that part of killing a process.