Update your graphics driver or even better yet, get a new graphics card. That thing is old as in really old...
That means that your video card driver has some crashing bugs in it.
Update the driver from the GPU maker's website (not Microsoft or a system builder).
But PS CS5 opens up just fine.
CS5 barely used the GPU. Each newer version of Photoshop is using more of the GPU, and testing for more errors that we've seen in video card drivers.
Go update your video card driver.
I have the most recent driver for my GPU installed. I've set the GPU settings to Basic in PS, still no joy. I've uninstalled and reinstalled PS about 3 times now, still no joy.
Did you get the updated driver from the GPU maker, or from Microsoft or a system builder (big mistake)?
Uninstalling and reinstalling Photoshop won't fix your video card driver bugs - that's just wasting time.
You have to update the video card driver to fix the crashing bugs in the video card driver.
I have the most recent diver from Nvidia installed.
OK, then you probably need to talk to NVidia. They may not be updating drivers for video cards that old, or there could be bits of an old driver remaining, or they might have a new bug that they'll need more information to fix.
It is ridiculous to ask of customers of a flag ship rental product to update their drivers - it's not our fault. None of the other applications AE or Illustrator crash or demand a "Graphics Card Update"
In fact on my windows 8 i7 laptop, Hewlett Packard LOCKS the user out from updating the driver - I wasted 2 hours on that train. Adobe's response is - contact HP, or contact Nvidia or ATI or AMD, or INTEL
I'm renting this software from ADOBE. They need to take responsibility.
I don't have a day to muck around with chasing down who is to blame. Bottom line Photoshop cc2014 is flawed. I want a patch and I want it soon. This is unacceptable for a subscription based service. UNACCEPTABLE. This is Photoshop for goodness sakes - I've had less problems with MAYA installs.
You have a third party driver that has a bug in it. And yes, After Effects and other applications that use the GPU do require updated video card drivers, or else they just blacklists the card as not working.
Photoshop is working correctly. But your third party video card driver has a bug that prevent it from working correctly. To fix the video card driver, you need to update the driver to pick up the bug fixes made to the driver.
This is not a Photoshop flaw, this is just a bug in your video card driver.
The only thing Adobe can do is blacklist your card and disable all GPU features when using that video card. But we can't do that because the card is working for other users who have up to date drivers for their card.
Bottom line: your current video card driver software has a crashing bug in it, and needs to be updated to fix that bug.