Currently Being ModeratedOct 19, 2011 10:18 AM (in response to russfromwi)
I had this problem after updating to iPhoto '11 v.9.2. This is how I solved it.
1. Quit iPhoto and reopened while holding down option and command. These options appear.
2. Selected 2 boxes: Rebuild small thumbnails and rebuild all thumbnails and clicked Rebuild. This did not solve the problem.
3. Repeated step 1. then selected repair permissions and hit Rebuild. This solved the problem.
Currently Being ModeratedJun 1, 2013 6:08 AM (in response to PeterW)
Had this same problem in 9.3.4. Didn't have the option of selecting anything. It just rand and did it's thing. Once it opened up the slide show, all is good again. Thank you, PeterW! You just saved the day for son's grad party.