After having just run into this issue (and finally finding a solution after almost four hours of searching around through google) and I figured I would post a step by step solution for those with similar issues. My issue was that Photoshop would open and show the start up but hang on the final global text feature. Here’s how to solve the dilemma.
Step 1: Go to your Documents and Settings/My Documents folder.
Step 2: Up top, click on Tools and then select Folder Options.
Step 3: Click View and find Hidden Files and Folders. Select Show Hidden Files and Folders.
Step 4: Deselect or uncheck where it says Hide Extensions For Known File Types right below.
Step 5: While in your folder from Step 1 (i.e. for me it’s My Documents or under the C: Drive it’s Users/David Hunter) select the slightly greyed out AppData folder.
Step 6: Open up the folder marked Roaming and open the Adobe folder.
Step 7: Open up the Photoshop folder (or Adobe Photoshop CS 2 or 3).
Step 8: Open up the lone folder marked Settings and delete New Doc Sizes.psp.
Step 9: Restart Photoshop and all should work fine.