PowerPoint 2011 won't open on my MacBook Pro

Microsoft PowerPoint 2011 will not open on my MacBook Pro. The other night I was looking at PowerPoint files without any issues, and now today I cannot open existing PowerPoint files or open a new PowerPoint document. If I click File -> New Presentation it takes me to the window where I can choose a PowerPoint template. When I select the template nothing happens and a new file will not open. I have restarted my computer several times and this does not help. I have updated my system to OS X 10.8.1 and I have checked for Microsoft updates and there are none at this time. All other Microsoft Office programs (Word and Excel) are working properly. Is anyone else having a similar problem? Does anyone know how I can resolve this issue? Any help would be greatly appreciated.

Thank you