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No idea what is going on, but one thing you can try is a Safe Boot.
Safe Boot
http://support.apple.com/kb/HT1455?viewlocale=en_US
Hold down the shift key while starting up until you see the words "Safe Boot" in red lettering. It may take a long time because it is checking your entire hard drive for problems. It will bring up the log in screen, turn off your kernel extensions, turn off your fonts, trash the temporary font cache, turn off your log in items, and disable a number of other features. But it will let you get to your desktop where you can look around and see if you can spot the problem. Look especially at the software update that preceded the problem. Also check your log in items--very often software will install itself as a log in item and cause problems.
Good luck!