I’ve tried everything suggested above. I’m using 10.6 OSX and moved the media offline and was able to start FCP. But after closing it and restarting – same problem will not finish opening. Have to force quit and trash user preferences. Tried the new user suggestion same end result. Tried the suggestion tyo look into the FCP.Pkg for render files – none.
Sounds like a reinstall of FCP is in order.