Dustin, I have just solved this very problem with my computer. Premiere CS3 3.2.0 did exactly the same as yours: it quit right after loading solidcomposite.aex, window frame flashed on screen and then it crashed.
I followed the good advice of running PPro from another account. This works because it defaults all the OS settings – all the paths to My Documents and so on. The I tried to change path to My Documents (make it point to my little SAN) and Premiere crashed again. I then set it back to default and Premiere runs like charm.
So, make sure you don’t change any of these settings, like paths to critical system and user folders, or anything like that. It makes sense, the latest Avid for example is really picky about this, too.
Hope this helps anybody.