Sounds like a corrupted Library.
Back Up and try rebuild the library: hold down the command and option (or alt) keys while launching iPhoto. Use the resulting dialogue to rebuild. Choose to Rebuild iPhoto Library Database from automatic backup.
If that fails:
Download iPhoto Library Manager and use its rebuild function. This will create a new library based on data in the albumdata.xml file. Not everything will be brought over - no slideshows, books or calendars, for instance - but it should get all your albums and keywords back.
Because this process creates an entirely new library and leaves your old one untouched, it is non-destructive, and if you're not happy with the results you can simply return to your old one. .