Finally found a fix! The following post solved the problem of Adobe PP CS3 quitting after the splash screen. Hope it helps whom ever else.
Thanks everybody for your help!
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[MISTERY SOLVED: Re: Help! Premier Pro CS3 won’t load/open
by Joseph Jahja on Feb 19, 2009 at 3:50:09 am
OPEN FOLDER: MY DOCUMENTS/ADOBE/PREMIERE PRO/3.0/LAYOUTS/
THEN DELETE FILE: WORKSPACECONFIG.XML (DON’T WORRY, PREMIERE WILL MAKE A NEW ONE)
OPEN PREMIERE]