StartUp Troubleshooting

Oops, FCP won't open.... at all.
It begins to load but when it gets to the dialog window looking for a deck or camera (there's not one at the moment) it quits. Are there preferences to trash?
Only upgrades lately was the iTunes and something else(security mabe?) this past tuesday after the macworld show.
G4 1.25
1.7 gig RAM
Lots of disk space
FCP4 HD

Thanks,
Rick

That would be FCP HD 4.5 running on Panther.
I can capture a tiff of the error/bug message but i don't know how to insert it here. I can email it to anyone who would like to see it.
code reads: KERN_PROTECTION_FAILURE (0x0002) at 0x00000000

Thanks
Rick