Could not initialize Photoshop because the preferences file was invalid (it has been deleted)

Tried to reset your preferences by starting PS and immediatly holding down the ctrl + alt + shift keys? Will get a reset window if done correctly.

Note: To re-create the preferences files for Photoshop, start the application while holding down Ctrl+Alt+Shift (Windows) or Command+Option+Shift (Mac OS). Then, click Yes to the message, "Delete the Adobe Photoshop Settings file?"

Important: If you re-create the preferences by deleting the Adobe Photoshop CS5 Settings file, make sure that you only delete that file. If you delete the entire settings folder, you also delete any unsaved actions or presets.

Reinstalling Photoshop does not remove the preferences file. Before reinstalling Photoshop, re-create your preferences.