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I have the same problem and narrowed it down to the serial number.
I made a fresh XP installation today.
Only drivers are installed,
Firefox, Safari, Crome and WAMP.
I installed FB4 beta and it ran fine!
Test projects behaved as expected etc.
I restarted the machine and all was still fine.
Then I entered the serial number I received from Adobe and FB4 Beta stoped loading, just Flash Screen . . . loading Project progress and . . . exit, no FB4!
Adobe Team, please help
I made a work around and it worked well.
I uninstalled flash builder, and installed flash builder plugins for eclipse. The eclipse plugins installed works fine.
After that I installed Flash builder again. It work well without the crashing issue.
Though I believe strongly, Adobe team should provide concrete solution to resolve it.
Thanks a lot for your reply.
So . . . I uninstalled Flash Builder,
installed the Eclipse Plugin Version using bundeled Eclipse.
Installed Flash Builder 4 Beta.
Only after creating one new Flex Project in Eclipse, the Flash Builder started up again using the serial number I entered before.
Not a very elegant workaround (not your fault of course), but it fixes the problem.
Well, it's still a Beta version, so I filed a bug report.
I've had the same issue, trying to launch FB many times eventually gets it to open. Last time I opened it, it took 8-10 tries. Running XP SP3.