Help! iPhoto crashes every time I try to open and view photos.

Question

Every time i try to open iPhoto it unexpectedly shuts down. Here is the begining of the problem details:
Process:         iPhoto [242]
Path:            /Applications/iPhoto.app/Contents/MacOS/iPhoto
Identifier:      com.apple.iPhoto
Version:         9.2.1 (9.2.1)
Build Info:      iPhotoProject-628000000000000~1
App Item ID:     408981381
App External ID: 4641130
Code Type:       X86 (Native)
Parent Process:  launchd [85]
Date/Time:       2012-10-08 20:14:46.383 -0700
OS Version:      Mac OS X 10.6.8 (10K549)
Report Version:  6
Interval Since Last Report:          39160 sec
Crashes Since Last Report:           14
Per-App Interval Since Last Report:  33204 sec
Per-App Crashes Since Last Report:   14
Anonymous UUID:                      53C12CB1-C934-4FA2-AEEC-E1FD1CA80E12
Exception Type:  EXC_BAD_ACCESS (SIGBUS)
Exception Codes: 0x000000000000000a, 0x0000000022763000
Crashed Thread:  33
Thread 0:  Dispatch queue: com.apple.main-thread
0   libSystem.B.dylib                       0x958b3aa2 __semwait_signal + 10
1   libSystem.B.dylib                       0x958b375e _pthread_cond_wait + 1191
2   libSystem.B.dylib                       0x958b53f8 pthread_cond_wait$UNIX2003 + 73
3   com.apple.Foundation                    0x92852a1c -[__NSOperationInternal waitUntilFinished] + 55
4   com.apple.Foundation                    0x928529cd -[NSOperation waitUntilFinished] + 89
5   com.apple.iPhoto                        0x0081482e 0x1000 + 8468526
6   com.apple.iPhoto                        0x00067d7c 0x1000 + 421244
7   com.apple.iPhoto                        0x000664ce 0x1000 + 414926
8   com.apple.iPhoto                        0x0007ab9d 0x1000 + 498589
9   com.apple.iPhoto                        0x000280cc 0x1000 + 159948
10  com.apple.iPhoto                        0x00021e2f 0x1000 + 134703
11  com.apple.iPhoto                        0x00021331 0x1000 + 131889
12  com.apple.iPhoto                        0x000a4bcf 0x1000 + 670671
13  com.apple.iPhoto                        0x00084c07 0x1000 + 539655
14  com.apple.iPhoto                        0x00246d6c 0x1000 + 2383212
15  com.apple.iPhoto                        0x000349fc 0x1000 + 211452
16  com.apple.Foundation                    0x9280ddb3 _nsnote_callback + 176
17  com.apple.CoreFoundation                0x94bea763 __CFXNotificationPost + 947
18  com.apple.CoreFoundation                0x94bea16a _CFXNotificationPostNotification + 186
19  com.apple.Foundation                    0x92802c50 -[NSNotificationCenter postNotificationName:object:userInfo:] + 128
20  com.apple.Foundation                    0x9281005d -[NSNotificationCenter postNotificationName:object:] + 56
21  com.apple.AppKit                        0x938d5216 -[NSApplication _postDidFinishNotification] + 125
22  com.apple.AppKit                        0x938d5126 -[NSApplication _sendFinishLaunchingNotification] + 74
23  com.apple.AppKit                        0x93a2c339 -[NSApplication(NSAppleEventHandling) _handleAEOpen:] + 274
24  com.apple.AppKit                        0x93a2bf59 -[NSApplication(NSAppleEventHandling) _handleCoreEvent:withReplyEvent:] + 101
25  com.apple.Foundation                    0x928431f8 -[NSAppleEventManager dispatchRawAppleEvent:withRawReply:handlerRefCon:] + 511
26  com.apple.Foundation                    0x92842fbc _NSAppleEventManagerGenericHandler + 228
27  com.apple.AE                            0x91ce5f5c aeDispatchAppleEvent(AEDesc const*, AEDesc*, unsigned long, unsigned char*) + 166
28  com.apple.AE                            0x91ce5e5b dispatchEventAndSendReply(AEDesc const*, AEDesc*) + 43
29  com.apple.AE                            0x91ce5d65 aeProcessAppleEvent + 197
30  com.apple.HIToolbox                     0x942be197 AEProcessAppleEvent + 50
31  com.apple.AppKit                        0x938a57d2 _DPSNextEvent + 1420
32  com.apple.AppKit                        0x938a4dd6 -[NSApplication nextEventMatchingMask:untilDate:inMode:dequeue:] + 156
33  com.apple.AppKit                        0x938671f3 -[NSApplication run] + 821
34  com.apple.AppKit                        0x9385f289 NSApplicationMain + 574
35  com.apple.iPhoto                        0x0001159a 0x1000 + 66970
36  com.apple.iPhoto                        0x00010a29 0x1000 + 64041

Answer 1

As a Test:
Hold down the option (or alt) key and launch iPhoto. From the resulting menu select 'Create Library'
Import a few pics into this new, blank library. Is the Problem repeated there?