I know we're beating a dead horse (sorry Riffer!). In the Task Manager's "processes" tab you'll see "RiffWorks.exe" running. Not a great place to mess around but you might try to quit there and launch it again. MAKE SURE YOU DON'T HAVE ANYTHING IMPORTANT RUNNING WHEN YOU DO THIS!
One other troubleshooting thing to try in WindowsXP if you're inclined (I bet you are at this point! LOL)
Under the "Start" tab in Windows, select "Run" and type MSCONFIG. Under the "General" tab of the window that pops up, select the "Selective Startup" button and uncheck "Load Startup Items." Now under the "Startup" tab you should see whatever's starting up at loading as being unchecked. There's one that you should check, on my systemit is "rundll32" which I think are basic things you need. The rest should be from other things you've installed (Windows Media Player, Messenger, etc.).
When you hit Okay on the screen it might give you some administrator message but it will ask you to restart. Go ahead and restart, and when Windows comes back it will show a message that you are in diagnostic mode or something like that. Click okay and that MSCONFIG window will come up again. Now, try and launch RiffWorks.
If it still takes forever to load, I'm out of ideas! LOL

If however it comes up quickly, then there's likely some conflict with something else you've installed. If this is the case, it will take a little work but go through the process of checking those boxes one at a time, restarting, and seeing if RiffWorks still boots until you come across the culprit.
I've done this troubleshooting a couple times (not with RiffWorks) and it's worked to solve the problem.
Best of luck Riffer!
J.J.