Can you confirm your symptoms:
You are running Windows XP
When you start iTunes you see the hourglass briefly then nothing.
If you open the task manage (ctrl alt del) can you see itunes.exe running on the processes tab and does it stay there rather than disappear?
If that is what you have, try the following troubleshooting method. It is very important that you feed back the results as requested in the method, it is for diagnosis.
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Troubleshooting silent launch failure in Windows XP
Before checking if iTunes works, restart your PC or close the iTunes.exe process with task manager if it is running.
A couple of simple things to try:
http://support.apple.com/kb/TS1776?viewlocale=en_US
Stop the bonjour service, this FAQ has instructions:
http://support.apple.com/kb/HT2250?viewlocale=en_US
But usually it is due to a problem with cryptographic services.
Check to see if you have your smart card service and that it is not set to disabled. For some reason iTunes needs it.
Start>>Run>>Services.msc
you should find the smart card service in the list. Report back with your findings.
Malware can interfere with cryptographic services and also prevent a resolution so it is important to check that your system is clean before proceeding: Run a virus and spyware scan with up to date definitions.
Then work through *Method 4* in the following link:
http://support.microsoft.com/kb/822798
You should be able to copy and paste the individual lines to save on typing.
Make a careful note of any error messages you get, they are important for diagnosis. Report back any error messages especially the names of any dlls mentioned.
If there are no errors try starting iTunes.
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