Photoshop CS3 Initialization Error

Successfully installed & activated Photoshop CS3 on a new PC with a fresh Windows 7 Pro 64bit installation, along with Photoshop CS3 10.0.1 & Bridge CS3 2.1.1.9 updates. Bridge runs fine, but Photoshop returns the following error when attempting to launch the program, "Could not initialize Photoshop because of a program error." Attempted to resolve by the following steps:
Remove/reinstall CS3 in root directory
Remove/reinstall CS3
Disable TWAIN driver
Downloaded & installed latest NVidia video card drivers.
Noticed the following message in PSErrorLog.txt every time Photoshop CS3 is launched, "2013:10:31 09:41:33 : ..\..\sources\OWLPanelManager.cpp : 1602 : REQUIRE failed" Downloaded & installed AdobeOwl.dll for this reason, but without success.
ALM.log prinout indicates that several steps failed, but I do not know whether this is a problem or how it might be resolved:
2013-10-31 09:08:41 [4064] ALM: _info_: ==========================================
2013-10-31 09:08:41 [4064] ALM: _info_: Start ALM 2.1 Release (build 2.1.2.1082)
2013-10-31 09:08:41 [4064] ALM: _info_:      TYPE = 1
2013-10-31 09:08:41 [4064] ALM: _info_:      GUID = License-GUID-Photoshop-CS3-Win
2013-10-31 09:08:41 [4064] ALM: _info_:      LANG = en_US
2013-10-31 09:08:41 [4064] ALM: _info_: Load AdobeConfig (version = 1.3)
2013-10-31 09:08:41 [4064] ALM: _info_: Use Serial Number In PCD
2013-10-31 09:08:42 [4064] ALM: _info_: Find License (type = 0x01, property = 0x00, status = 0x00)
2013-10-31 09:08:42 [4064] ALM: _info_: Start License Session Succeed!
2013-10-31 09:08:42 [4064] ALM: _info_: Query Feature Photoshop_Premium (version = 10.0) Failed (status = -5)
2013-10-31 09:08:42 [4064] ALM: _info_: Query Feature Photoshop_Standard (version = 10.0) Succeed
2013-10-31 09:08:42 [4064] ALM: _info_: Query Feature Bridge_Base (version = 2.0) Succeed
2013-10-31 09:08:42 [4064] ALM: _info_: Query Feature Bridge_CameraRaw (version = 2.0) Succeed
2013-10-31 09:08:42 [4064] ALM: _info_: Query Feature MobileCenter_Base (version = 1.0) Succeed
2013-10-31 09:18:20 [3180] ALM: _info_: ==========================================
2013-10-31 09:18:20 [3180] ALM: _info_: Start ALM 2.1 Release (build 2.1.5.1504)
2013-10-31 09:18:20 [3180] ALM: _info_:      TYPE = 2
2013-10-31 09:18:20 [3180] ALM: _info_: Start License Session Succeed!
2013-10-31 09:18:20 [3180] ALM: _info_: Query Feature Bridge_Base (version = 2.0) Succeed
2013-10-31 09:18:20 [3180] ALM: _info_: Query Feature Bridge_Base (version = 2.0) Succeed
2013-10-31 09:18:20 [3180] ALM: _info_: Query Feature Bridge_ColorSettings (version = 2.0) Failed (status = -5)
2013-10-31 09:18:20 [3180] ALM: _info_: Query Feature Bridge_CameraRaw (version = 2.0) Succeed
2013-10-31 09:18:20 [3180] ALM: _info_: Query Feature Bridge_PhotoshopElements (version = 2.0) Failed (status = -5)
2013-10-31 09:18:45 [3180] ALM: _info_:
2013-10-31 09:18:45 [3180] ALM: _info_: End License Session!
2013-10-31 09:18:45 [3180] ALM: _info_: End ALM
2013-10-31 09:18:45 [3180] ALM: _info_: ==========================================
AMT.log report is as follows:
2013-10-31 09:41:20 [3264] AMT: START SESSION, library version 1.0.0.1082,46.278103
2013-10-31 09:41:20 [3264] AMT: Initializing C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\ [en_US]
2013-10-31 09:41:20 [3264] AMT: Adobe License Manager version 2.1 (build 2.1082) RELEASE
2013-10-31 09:41:20 [3264] /AMT0069688654/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:20 [3264] /AMT0194694755/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:20 [3264] /AMT0073107491/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:20 [3264] /AMT0087759331/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:20 [3264] /AMT0051932803/ License-GUID-Photoshop-CS3-Win
2013-10-31 09:41:20 [3264] /AMT0186350190/
2013-10-31 09:41:20 [3264] /AMT0013778542/
2013-10-31 09:41:20 [3264] /AMT0141832179/ C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\AMT
2013-10-31 09:41:20 [3264] /AMT0166617427/ C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\AMT\application.sif
2013-10-31 09:41:20 [3264] /AMT0268432926/ 91198956814627932656
2013-10-31 09:41:20 [3264] /AMT0172021198/
2013-10-31 09:41:20 [3264] /AMT0201805758/
2013-10-31 09:41:20 [3264] /AMT0013754766/
2013-10-31 09:41:20 [3264] /AMT0088421566/
2013-10-31 09:41:20 [3264] /AMT0171050355/
2013-10-31 09:41:33 [3520] AMT: START SESSION, library version 1.0.0.1082,46.278103
2013-10-31 09:41:33 [3520] AMT: Initializing C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\ [en_US]
2013-10-31 09:41:33 [3520] AMT: Adobe License Manager version 2.1 (build 2.1082) RELEASE
2013-10-31 09:41:33 [3520] /AMT0069688654/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:33 [3520] /AMT0194694755/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:33 [3520] /AMT0073107491/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:33 [3520] /AMT0087759331/ {30C4B843-28DA-466F-AFCA-CB0ED153C826}
2013-10-31 09:41:33 [3520] /AMT0051932803/ License-GUID-Photoshop-CS3-Win
2013-10-31 09:41:33 [3520] /AMT0186350190/
2013-10-31 09:41:33 [3520] /AMT0013778542/
2013-10-31 09:41:33 [3520] /AMT0141832179/ C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\AMT
2013-10-31 09:41:33 [3520] /AMT0166617427/ C:\Program Files (x86)\Adobe\Adobe Photoshop CS3\AMT\application.sif
2013-10-31 09:41:33 [3520] /AMT0268432926/ 91198956814627932656
2013-10-31 09:41:33 [3520] /AMT0172021198/
2013-10-31 09:41:33 [3520] /AMT0201805758/
2013-10-31 09:41:33 [3520] /AMT0013754766/
2013-10-31 09:41:33 [3520] /AMT0088421566/
2013-10-31 09:41:33 [3520] /AMT0171050355/
Any suggestions to resolve this dilemma are appreciated.

I managed to resolve the Photoshop CS3 initialization error by reinstalling Windows 7 Pro 64-bit from scratch. This took a lot of time, but it amounted to less effort than I had spent troubleshooting the problem.

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