Problem:
After launching the product, and whilst attempting to enter profiles, the application unexpectedly quits with an error reading:
"Macromedia Projector has encountered an error and needs to shut down."
e.g.

Cause:
There are corrupt or extraneous code modules present on the computer. These are likely to be iml32.dll and dirapi.dll.
Solution:
Perform a search (that includes hidden files and system areas) for the following files:
These *should* only exist in the Shockwave Player folder (e.g. c:Windowssystem32macromedShockwave [version number])
If you find other instances you should move them to the wastebasket (they can always be restored from this location.)
Alternatively (or in addition to the above)...
You may need to uninstall the Shockwave Player (Control Panels - Add & Remove Programs) before re-installing it.