There is no 32bit version of CS5, but it's really unimportant. OSX has supported 64bit apps since 10.5.x and 10.6.x is native 64bit. So no problems on that end. The error you are seeing is a generic drawing error which may be caused due to misconfiguration of your graphics hardware or problems with font rendering. in the latter case, removing unnecessary fonts may help, for the graphics config a system update may have a newer driver. Also make sure that you have the Verdana font on your system. This has been known to be a problem with OSX 10.6, since it does not install the font by default.
Thank you so much for your answer, I will definitely try these solutions out! Thanks!
I've deleted all duplicate fonts, but I haven't delted ones I have downloaded... I do use them a lot and they work in Photoshop CS4 (not sure about CS5)... but If it will most likely fix the problem I will delete them. What do you think?