FCP 7 don't respond

Sudenly and out of the blue my FCP 7 won't open my projects. The color wheel keeps turning and I have to force quit the application. I am using Macbook Pro 15" with Mountain Lion. I reistalled FCP 7 and nothing happened. I also dowloaded digital rebellion's preference manager and let it trash the preferences and nothing. I contacted the external hard drive vendor and we did a utility check and the drive is working fine.

I would appreciate any expert help. I have a very important project that I can't access and I can't run the risk of lossing that data.

Thanks!!