It sounds like you had a bad disk which is rare but hey it happens. Here's what I would do.
- Deactivate the software (assuming you can launch an application)
- Uninstall everything
- Run the Adobe CS5 Clean Tool - http://www.adobe.com/support/contact/cs5clean.html
- Optional Paranoid steps - restart the PC, run the CS5 clean tool again to verify there is nothing (Adobe MC5 anyway) on your system
- Restart the PC
- Make sure any and all anti-virus and anything you can turn off is off.
- Install Master Collection as before.
I hope this helps and I'm sorry that you're experiencing some problems. If the above doesn't work, I'd consider requesting new media to install your software on.
I had a similar issue with Acrobat 9.0 recently which shipped as part of my CS5 suite. Everything worked well except Acrobat... Ultimately Adobe tech (after 2 weeks of frustration on the phone with tech agents who didn't speak English) sent me a new downloadable file to install from. Worked perfectly after that.
If I were you, the first time you call tech support tomorrow (assuming the above solution from Dradeke doesn't work), tell them that you were sent corrupted media and ask them to make downloadable copies available to you. If you TELL THEM what the issue is, you may get a resolution faster than if you let them try to troubleshoot it for you. Oh, and don't be afraid to ask to speak to a supervisor who speaks English, either...