Photoshop LE 5 Could not initialize - file locked

[cia_viewer]

I have been using Photoshop LE 5 for several years (almost 2 years on this PC).
Now I am getting this error message when I try to open it:

Adobe Photoshop Limited Edition
Could not initialize Photoshop because
(X) the file is locked. Use the 'Properties'
command in the File Manager to unlock
the file.
[OK]
Clicking [OK] shuts down the dialog box and Photoshop window (just solid grey background).

I first noticed the problem the other day when I selected more than one photo.JPG file and right clicked to choose Photoshop. This occurred in my 'user' logon. It also happened any time I tried to open Photoshop.

I logged on as (WinXP (sp2)) 'administrator' and was able to use Photoshop.

Suggestions welcomed!

 

[cia_viewer]

Further attempts:

I can successfuly 'Run as administrator' within my 'user' logon.

I have also found 'logged on as administrator' in Windows Explorer:
Tools -> folder Options -> View:
[x] Use simple file sharing (Recommended)
If I turn that off:
[ ] Use simple file sharing (Recommended)
and [Apply] or [OK]
I can right click on another folder having no problems and select
Properties:
Select Security tab -> click [Advanced]
On the Permissions tab I see:
Permission entries:
Type Name Permission Inherited From Apply To
Allow Everyone Full Control D:\ This folder,...

[Add...] [Edit...] [Remove]
[x] Inherit from parent the permission entries that apply to child ...
[ ] Replace permission entries on all child objects ...

I can right click on D:\Program Files\Adobe\Photoshop 5.0 LE
and select Properties:
Select Security tab -> click [Advanced]
On the Permissions tab I see:
Permission entries:
Type Name Permission Inherited From Apply To Allow
Everyone Full Control <not inherited> This folder,...
Allow Everyone Full Control D:\ This folder,...

[Add...] [Edit...] [Remove]
[x] Inherit from parent the permission entries that apply to child ...
[ ] Replace permission entries on all child objects ...

I have selected the line with '<not inherited>'
and clicked [Remove], then [OK]

I will see if that 'fixes' it.

That had no noticeable effect.

From my 'user' logon: I created a new text file, edited
it, saved it and deleted it in each of the folders and subfolders that are
in the D:\Program Files\Adobe\Photoshop 5.0 LE 'tree'.

It seems there is a file in some folder, required by Photoshop, that is 'protected'. ???

The problem persists...

Any ideas?