Getting 'License for this product has stopped working'

I'm getting the subject error trying to run Photoshop CS3 on a Mac under Parallels/Windows 7.  I've tried the license recovery program to no avail, including running it a second time after rebooting and entering 0.  That produces a status code 127 message and nothing else.  I started the Flexnet service as directed with no change.  The instructions that came after that as far as renaming a Flexnet folder do not match what I see in my folders.  Can anyone help with this?
Thanks,
Mike
p.s.  This is a fresh install on my MacBook.  CS3 was formerly on my Windows 7 PC and I'm migrating everything to my MacBook.  I've deactivated the registration on the Win7 PC.

Auntybertha
What version of Premiere Elements are you using?
I have Premiere Elements 4, 7, and 8 and have recently run into problems characterized by not being able to open any of the 3 versions that I have installed on the same computer. (I use one at a time.)
Hunt as posted a link
http://kb2.adobe.com/cps/405/kb405970.html
where I would suggest that you especially look at Solution #2 regarding the FLEXnet Licensing Service.
This turned out to be the fix for my Premiere Elements, as well as the Photoshop Elements, for my opening failures for these programs.
Another possible consideration is to open a new computer User Account (with Administrative Priviledges) and run your Premiere Elements using that new User Account. That worked for me recently when the Photoshop Elements 8 Organizer would not open after just about every trick in the book.
Keep in mind that problems may have the same symptoms but different causes. Nonetheless, I would recommend this Solution #2 to your attention, and then, if necessary, a new User Account (with Administrative Priviledges). Premiere Elements is but one application in your computer environment, and many non Premiere Elements factors can enter into the performance of the Premiere Elements in that computer environment.
Please keep us updated on your progress.
ATR

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