I had to switch system disks to get it to run.
See this thread for others having the same issue.
FCP HD Crashes on launch
Note: 2 days later, problem solved, thanks to this technote from Apple
1. Open Terminal
2. Type
sudo update_prebinding -root / -force
3. Press Return.
4. Enter your password when prompted.
Restart your computer.
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Posted by ellen at October 02, 2004 11:28 PM