IPhoto will not start

Question

When I try to run iPhoto it doesn't start and all I get is the pinwheel.  I am running lion and I notice that the window is not on my primary window (I can see a corner of the iPhoto window).  When I force quit I get the following report (1st 50 or so lines).
Date/Time:       2012-03-04 13:46:29 -0500
OS Version:      10.7.3 (Build 11D50b)
Architecture:    x86_64
Report Version:  9
Command:         iPhoto
Path:            /Applications/iPhoto.app/Contents/MacOS/iPhoto
Version:         9.2.1 (9.2.1)
Build Version:   1
Project Name:    iPhotoProject
Source Version:  628000000000000
App Item ID:     408981381
App External ID: 4641130
Parent:          launchd [4032]
PID:             6972
Event:           hang
Duration:        1.47s
Steps:           16 (100ms sampling interval)
Pageins:         0
Pageouts:        0
Process:         iPhoto [6972]
Path:            /Applications/iPhoto.app/Contents/MacOS/iPhoto
Architecture:    i386
UID:             501
  Thread 0x27559   
  User stack:
    16 ??? (in iPhoto) [0x10a29]
      16 ??? (in iPhoto) [0x1159a]
        16 NSApplicationMain + 1054 (in AppKit) [0x97fcf261]
          16 -[NSApplication run] + 911 (in AppKit) [0x97d3b675]
            16 -[NSApplication nextEventMatchingMask:untilDate:inMode:dequeue:] + 113 (in AppKit) [0x97d3f306]
              16 _DPSNextEvent + 1301 (in AppKit) [0x97d3fd0b]
                16 AEProcessAppleEvent + 103 (in HIToolbox) [0x987dc5d6]
                  16 aeProcessAppleEvent + 253 (in AE) [0x9afe5a54]
                    16 _ZL25dispatchEventAndSendReplyPK6AEDescPS_ + 43 (in AE) [0x9afe5b67]
                      16 aeDispatchAppleEvent(AEDesc const*, AEDesc*, unsigned long, unsigned char*) + 202 (in AE) [0x9affc045]
                        16 _NSAppleEventManagerGenericHandler + 234 (in Foundation) [0x9a157c7d]
                          16 -[NSAppleEventManager dispatchRawAppleEvent:withRawReply:handlerRefCon:] + 476 (in Foundation) [0x9a157ea9]
                            16 __-[NSAppleEventManager

Answer 1

Option 1
Back Up and try rebuild the library: hold down the command and option (or alt) keys while launching iPhoto. Use the resulting dialogue to rebuild. Choose to Rebuild iPhoto Library Database from automatic backup.
If that fails:
Option 2
Download iPhoto Library Manager and use its rebuild function. This will create a new library based on data in the albumdata.xml file. Not everything will be brought over - no slideshows, books or calendars, for instance - but it should get all your albums and keywords back.
Because this process creates an entirely new library and leaves your old one untouched, it is non-destructive, and if you're not happy with the results you can simply return to your old one. .
Regards
TD