Compressor wants license info but won't take it

After using Final Cut Studio Pro 5.1 successfully for 4 months, Compressor has started to ask for license information on start-up. The problem is that the OK button is grayed out, even after I enter my license number -- so I can't get Compressor to run.
What is going on? Is compressor losing its mind? Has my computer been hacked into? How do I determine the cause of this? How do I get compressor working again?

I learned one thing. I was executing Compressor via the Recent Items menu under the apple in the menu bar. When I execute it from the Applications folder, it works fine. That solves the problem of knowing how to get it running.
It still doesn't answer the "what went wrong?" question. I'd like to know what caused this to happen, how many other things on my computer are likely to be corrupted as well, etc.

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