I'm getting this error when I attempt to launch xCode 4.2.1. Any idea what's wrong?

UNCAUGHT EXCEPTION (NSInternalInconsistencyException): Couldn't load plug-in 'com.apple.dt.IDE.IDEiPhoneSupport' while firing fault for extension 'Xcode.Device.iPhonePlaceholder'
UserInfo: {
    NSUnderlyingError = "Error Domain=DVTPlugInErrorDomain Code=2 \"Loading a plug-in failed.\" UserInfo=0x400d6b960 {DVTPlugInIdentifierErrorKey=com.apple.dt.IDE.IDEiPhoneSupport, DVTPlugInExecutablePathErrorKey=/Developer/Platforms/iPhoneOS.platform/Develope r/Library/Xcode/PrivatePlugIns/IDEiPhoneSupport.ideplugin/Contents/MacOS/IDEiPho neSupport, NSLocalizedRecoverySuggestion=The plug-in or one of its prerequisite plug-ins may be missing or damaged and may need to be reinstalled., NSLocalizedDescription=Loading a plug-in failed., NSFilePath=/Developer/Platforms/iPhoneOS.platform/Developer/Library/Xcode/Priva tePlugIns/IDEiPhoneSupport.ideplugin, NSLocalizedFailureReason=The plug-in \U201ccom.apple.dt.IDE.IDEiPhoneSupport\U201d at path \U201c/Developer/Platforms/iPhoneOS.platform/Developer/Library/Xcode/PrivatePlu gIns/IDEiPhoneSupport.ideplugin\U201d could not be loaded.  The plug-in or one of its prerequisite plug-ins may be missing or damaged., NSUnderlyingError=0x400341220 \"The bundle \U201cIDEiPhoneSupport\U201d couldn\U2019t be loaded because it is damaged or missing necessary resources.\"}";
Hints: None
Backtrace:
  0  0x00007fff8349af3a __exceptionPreprocess (in CoreFoundation)
  1  0x00007fff82ddcd5e objc_exception_throw (in libobjc.A.dylib)
  2  0x00000001026004e0 -[DVTExtension _fireExtensionFault] (in DVTFoundation)
  3  0x00000001025ea786 __38-[DVTDispatchLock performLockedBlock:]_block_invoke_0 (in DVTFoundation)
  4  0x00007fff8b376c79 _dispatch_barrier_sync_f_invoke (in libdispatch.dylib)
  5  0x00000001025ea72f -[DVTDispatchLock performLockedBlock:] (in DVTFoundation)
  6  0x000000010260027b -[DVTExtension _valueForKey:inParameterData:usingSchema:] (in DVTFoundation)
  7  0x00000001026001bf -[DVTExtension valueForKey:] (in DVTFoundation)
  8  0x00000001025ff997 +[DVTDevice _knownDeviceLocators] (in DVTFoundation)
  9  0x00000001025ff4f0 -[DVTDeviceManager startLocating] (in DVTFoundation)
10  0x0000000102b56cfc IDEInitialize (in IDEFoundation)
11  0x0000000102ed3c18 -[IDEApplicationController applicationWillFinishLaunching:] (in IDEKit)
12  0x00007fff8b424d0e __-[NSNotificationCenter addObserver:selector:name:object:]_block_invoke_1 (in Foundation)
13  0x00007fff834437ba _CFXNotificationPost (in CoreFoundation)
14  0x00007fff8b410fc3 -[NSNotificationCenter postNotificationName:object:userInfo:] (in Foundation)
15  0x00000001035be366 -[NSApplication finishLaunching] (in AppKit)
16  0x00000001035bdf18 -[NSApplication run] (in AppKit)
17  0x000000010383a244 NSApplicationMain (in AppKit)
18  0x00000001025dfeec (in Xcode)

Well, I'm trying to figure out how you're doing this from a recovery disk. The only way to reinstall Mountain Lion is through the Recovery HD in the computer. Hold Cmd/R as you are starting up the computer and keep holding it. Eventually you'll get a screen asking you to select the language. Hit continue to select english and you'll get a Mac OS X Utilities Menu with the second option down being reinstall OS X.

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