Java: "No compatible version of Java 1.5 is available."

No matter what Java app/applet I try to open, it presents this error message with the option to either [Open Java Preferences] or [Quit]. Note that opening Java Preferences presents the exact same error message. I am running the latest versions of both Java and Snow Leopard and I have tried to force reinstall Java from Apple's website already. Any help would be greatly appreciated. 🙂