After updating my itunes won't open..?

After I downloaded iTunes 10.5.3 it would always start updating the library until it reached half the progress bar and then it would stop responding. So finally i found a downgraded version which I installed and then it still wouldn't open saying that the version was "outdated". FINALLY the 10.6 comes out, I download it and install it and now it refuses to open!
"itunes cannot open because of a problem"
Here is the error report:
Process:         iTunes [252]
Path:            /Applications/iTunes.app/Contents/MacOS/iTunes
Identifier:      com.apple.iTunes
Version:         10.6 (10.6)
Build Info:      iTunes-10604001~1
Code Type:       X86-64 (Native)
Parent Process:  launchd [108]
Date/Time:       2012-03-08 17:11:19.376 -0430
OS Version:      Mac OS X 10.7.3 (11D50b)
Report Version:  9
Interval Since Last Report:          1044071 sec
Crashes Since Last Report:           4
Per-App Crashes Since Last Report:   4
Anonymous UUID:                      B4E5F104-246F-470A-8E74-2D3993800BFC
Crashed Thread:  0
Exception Type:  EXC_BREAKPOINT (SIGTRAP)
Exception Codes: 0x0000000000000002, 0x0000000000000000
Application Specific Information:
dyld: launch, loading dependent libraries
Dyld Error Message:
  Library not loaded: @loader_path/libgnsdk_dsp.1.9.5.dylib
  Referenced from: /Applications/iTunes.app/Contents/MacOS/iTunes
  Reason: image not found
Binary Images:
       0x106158000 -        0x1072f7fe7  com.apple.iTunes (10.6 - 10.6) <A7AC514C-E3C4-B6E4-522A-D3FE410790C6> /Applications/iTunes.app/Contents/MacOS/iTunes
       0x1075c1000 -        0x107646fff  com.apple.iTunes.iPodUpdater (10.4 - 10.4) <57271DCB-BB7A-136A-DA36-A4B8BD741132> /Applications/iTunes.app/Contents/Frameworks/iPodUpdater.framework/Versions/A/i PodUpdater
       0x107696000 -        0x1076c2ff7  com.apple.avfoundationcf (2.0 - 63.1) <B36CB7A2-C5EB-3BB6-924B-531868A092EB> /System/Library/PrivateFrameworks/AVFoundationCF.framework/Versions/A/AVFoundat ionCF
       0x1076f5000 -        0x1076fbfff  com.apple.agl (3.1.4 - AGL-3.1.4) <FF5AC177-9B51-3FB8-9AD3-E2296CFC6BCA> /System/Library/Frameworks/AGL.framework/Versions/A/AGL
       0x107708000 -        0x10770efff  com.apple.iPod (1.7 - 19) <316D12C0-BB7B-30DC-97CE-33679C75E558> /System/Library/PrivateFrameworks/iPod.framework/Versions/A/iPod
    0x7fff65d58000 -     0x7fff65d8cbaf  dyld (195.6 - ???) <0CD1B35B-A28F-32DA-B72E-452EAD609613> /usr/lib/dyld
    0x7fff810b4000 -     0x7fff810b4fff  com.apple.CoreServices (53 - 53) <043C8026-8EDD-3241-B090-F589E24062EF> /System/Library/Frameworks/CoreServices.framework/Versions/A/CoreServices
    0x7fff812cd000 -     0x7fff813abfff  com.apple.DiscRecording (6.0.3 - 6030.4.1) <8DB1BDDD-F066-3E8B-B416-11DF712C6A1E> /System/Library/Frameworks/DiscRecording.framework/Versions/A/DiscRecording
    0x7fff814fb000 -     0x7fff814fbfff  com.apple.Carbon (153 - 153) <E37A515C-4C10-3102-8146-C0FBD458F8CF> /System/Library/Frameworks/Carbon.framework/Versions/A/Carbon
    0x7fff81bfa000 -     0x7fff81edcfff  com.apple.security (7.0 - 55110) <252F9E04-FF8A-3EA7-A38E-51DD0653663C> /System/Library/Frameworks/Security.framework/Versions/A/Security
    0x7fff82133000 -     0x7fff8213eff7  com.apple.aps.framework (2.1 - 2.1) <C8EB8D68-5E33-325F-B64D-CEAFE2EBB60C> /System/Library/PrivateFrameworks/ApplePushService.framework/Versions/A/ApplePu shService
    0x7fff821bc000 -     0x7fff821bcfff  com.apple.quartzframework (1.5 - 1.5) <21FCC91F-C7B9-304F-8C9C-04F3924F4AE3> /System/Library/Frameworks/Quartz.framework/Versions/A/Quartz
    0x7fff827a2000 -     0x7fff8292cff7  com.apple.WebKit (7534.53 - 7534.53.11) <2969964C-2759-3407-9EBB-C1304A556755> /System/Library/Frameworks/WebKit.framework/Versions/A/WebKit
    0x7fff83f15000 -     0x7fff83f25ff7  com.apple.opengl (1.7.6 - 1.7.6) <C168883D-9BC5-3C38-9937-42852D719718> /System/Library/Frameworks/OpenGL.framework/Versions/A/OpenGL
    0x7fff852e4000 -     0x7fff852e4fff  com.apple.Cocoa (6.6 - ???) <021D4214-9C23-3CD8-AFB2-F331697A4508> /System/Library/Frameworks/Cocoa.framework/Versions/A/Cocoa
    0x7fff85b3a000 -     0x7fff85b3afff  com.apple.Accelerate (1.7 - Accelerate 1.7) <82DDF6F5-FBC3-323D-B71D-CF7ABC5CF568> /System/Library/Frameworks/Accelerate.framework/Versions/A/Accelerate
    0x7fff866a3000 -     0x7fff86842fff  com.apple.QuartzCore (1.7 - 270.2) <F2CCDEFB-DE43-3E32-B242-A22C82617186> /System/Library/Frameworks/QuartzCore.framework/Versions/A/QuartzCore
    0x7fff8762b000 -     0x7fff878b6fff  com.apple.JavaScriptCore (7534.53 - 7534.53.8) <619D6392-D833-3C55-B1C0-4DAA0477796C> /System/Library/Frameworks/JavaScriptCore.framework/Versions/A/JavaScriptCore
    0x7fff87dfc000 -     0x7fff87e02fff  com.apple.DiskArbitration (2.4.1 - 2.4.1) <CEA34337-63DE-302E-81AA-10D717E1F699> /System/Library/Frameworks/DiskArbitration.framework/Versions/A/DiskArbitration
    0x7fff88a8f000 -     0x7fff88da8ff7  com.apple.Foundation (6.7.1 - 833.24) <6D4E6F93-64EF-3D41-AE80-2BB10E2E6323> /System/Library/Frameworks/Foundation.framework/Versions/C/Foundation
    0x7fff88da9000 -     0x7fff88e11ff7  com.apple.audio.CoreAudio (4.0.2 - 4.0.2) <DFD8F4DE-3B45-3A2E-9CBE-FD8D5DD30923> /System/Library/Frameworks/CoreAudio.framework/Versions/A/CoreAudio
    0x7fff89938000 -     0x7fff89ac2ff7  com.apple.QTKit (7.7.1 - 2315) <BFC33B70-34F2-3940-A14A-3C51036589F0> /System/Library/Frameworks/QTKit.framework/Versions/A/QTKit
    0x7fff89fb5000 -     0x7fff8a2d8ff7  com.apple.AddressBook.framework (6.1 - 1083) <9C23C164-B9E1-3F80-83F4-C027AF282DE6> /System/Library/Frameworks/AddressBook.framework/Versions/A/AddressBook
    0x7fff8abc8000 -     0x7fff8abdaff7  libz.1.dylib (1.2.5 - compatibility 1.0.0) <30CBEF15-4978-3DED-8629-7109880A19D4> /usr/lib/libz.1.dylib
    0x7fff8bd5e000 -     0x7fff8bdc8ff7  com.apple.framework.IOKit (2.0 - ???) <EEEB42FD-E3E1-3A94-A771-B1993B694F17> /System/Library/Frameworks/IOKit.framework/Versions/A/IOKit
    0x7fff8c9a5000 -     0x7fff8cc1bff7  com.apple.imageKit (2.1.1 - 1.0) <A4A58BBB-70BB-3A0F-84F0-49EC6113BF2F> /System/Library/Frameworks/Quartz.framework/Versions/A/Frameworks/ImageKit.fram ework/Versions/A/ImageKit
    0x7fff8ce01000 -     0x7fff8cf5afff  com.apple.audio.toolbox.AudioToolbox (1.7.2 - 1.7.2) <0AD8197C-1BA9-30CD-98F1-4CA2C6559BA8> /System/Library/Frameworks/AudioToolbox.framework/Versions/A/AudioToolbox
    0x7fff8d3cb000 -     0x7fff8d3cbfff  com.apple.ApplicationServices (41 - 41) <03F3FA8F-8D2A-3AB6-A8E3-40B001116339> /System/Library/Frameworks/ApplicationServices.framework/Versions/A/Application Services
    0x7fff8d582000 -     0x7fff8d784fff  libicucore.A.dylib (46.1.0 - compatibility 1.0.0) <38CD6ED3-C8E4-3CCD-89AC-9C3198803101> /usr/lib/libicucore.A.dylib
    0x7fff8d785000 -     0x7fff8d7b2fe7  libSystem.B.dylib (159.1.0 - compatibility 1.0.0) <7BEBB139-50BB-3112-947A-F4AA168F991C> /usr/lib/libSystem.B.dylib
    0x7fff8d7f9000 -     0x7fff8d7f9fff  com.apple.audio.units.AudioUnit (1.7.2 - 1.7.2) <04C10813-CCE5-3333-8C72-E8E35E417B3B> /System/Library/Frameworks/AudioUnit.framework/Versions/A/AudioUnit
    0x7fff8d9f8000 -     0x7fff8da44ff7  com.apple.SystemConfiguration (1.11.2 - 1.11) <A14F3583-9CC0-397D-A50E-17217075953F> /System/Library/Frameworks/SystemConfiguration.framework/Versions/A/SystemConfi guration
Model: MacBookPro7,1, BootROM MBP71.0039.B0E, 2 processors, Intel Core 2 Duo, 2.4 GHz, 4 GB, SMC 1.62f6
Graphics: NVIDIA GeForce 320M, NVIDIA GeForce 320M, PCI, 256 MB
Memory Module: BANK 0/DIMM0, 2 GB, DDR3, 1067 MHz, 0x80CE, 0x4D34373142353637334648302D4346382020
Memory Module: BANK 1/DIMM0, 2 GB, DDR3, 1067 MHz, 0x80CE, 0x4D34373142353637334648302D4346382020
AirPort: spairport_wireless_card_type_airport_extreme (0x14E4, 0x8D), Broadcom BCM43xx 1.0 (5.100.98.75.19)
Bluetooth: Version 4.0.3f12, 2 service, 18 devices, 1 incoming serial ports
Network Service: AirPort, AirPort, en1
Serial ATA Device: Hitachi HTS545025B9SA02, 250.06 GB
Serial ATA Device: HL-DT-ST DVDRW  GS23N
USB Device: Built-in iSight, apple_vendor_id, 0x8507, 0x24600000 / 2
USB Device: Internal Memory Card Reader, apple_vendor_id, 0x8403, 0x26100000 / 2
USB Device: BRCM2046 Hub, 0x0a5c  (Broadcom Corp.), 0x4500, 0x06600000 / 4
USB Device: Bluetooth USB Host Controller, apple_vendor_id, 0x8213, 0x06610000 / 7
USB Device: IR Receiver, apple_vendor_id, 0x8242, 0x06500000 / 3
USB Device: Apple Internal Keyboard / Trackpad, apple_vendor_id, 0x0236, 0x06300000 / 2

I just get the "iTunes has encountered a problem and needs to close." message.
Let's first check to see if this is associated with a problem with your QuickTime. (iTunes needs a properly functioning QuickTime in order to work correctly.)
Try launching your QuickTime. Does it:
(a) launch perfectly fine?
(b) fail to launch with an error message? (If so, what does it say?)
(c) exhibit other peculiar behavior? (If so, could you describe it for us?)

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