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Try to launch your project with "caps lock" enabled. Perhaps there's a preview issue stopping the project from loading. If that doesn't work, try deleting your prefs (or moving them to a different location), and launch the program.
Just had a similar problem when trying to open a project from the server; try dragging the project locally before opening it.
As Ko said - drag the project to a local folder that is not part of a server or an external storage device. This is a known problem with some of the latest Leopard updates. There's a knowldge base article on it on the support pages, also.
Thanks - this worked when i dragged the project!