Cubase Won't Launch

When I launch Cubase, it stops during the initialization process. A Microsoft screen says “Cubase has stopped working. Close program.”
As I check during the initialization process, it hangs when it comes to “MPEG 1 Layer 3 (Fraunhofer)”.

I have Cubase Studio 5 so I had to purchase the MP3 encoder when the trial ran out. When I launch Cubase SL3, it freezes when it gets to this. If I uninstall the MP3 encoder, will SL3 blow through that initialization and how would I reinstall it? I know the license resides in my licenser but do I download the encoder from the Steinberg site and will it recognize the license?
Thanks for your thoughts!


Latest eLCC?

Yes. All drivers and updates are the latest.

Trash Prefs.

Already tried. Seems destined not to work. Just hangs up on that MP3 encoder. If I could get it past that, it probably would launch.