Adobe Photoshop CS is hanging on startup and the status message does not move after displaying "Reading Text Global Resources...Done".
The 'Preferences' file can somehow become corrupted if you have more than one version of Photoshop running and under many other circumstances.
To avoid reinstalling Photoshop which can be pretty time consuming, simply delete the preferences file. This can be achieved quickly by holding down the 'Ctrl+Alt+Shift' as Photoshop CS starts up. Click 'Yes' to the prompt which states "Delete the photoshop settings file?".
Ïf the above does not work, try deleting the preference file located at (On Windows 7):
C:\Users\username\AppData\Roaming\Adobe\Adobe Photoshop CS3\Adobe Photoshop CS3 Settings\Adobe Photoshop CS3 Prefs.psp