Keychain Access Won't Launch - Solution
Here's how I fixed it with the help of older posts on this DB.
1. Rename the XXXX.keychain files located in library/keychain/ directory. For example, rename login.keychain to loginS.keychain. SOME SIMPLE CHANGE SO YOU WILL REMEMBER THE ORIGINAL FILE NAME. Just add one letter or something.
2. Launch the Keychain app. If it launches, you won't see any passwords. That's ok.
3. Quit Keychain - beyond pressing the red X you have to "Quit" keychain on the menu.
4. Rename the XXXX.keychain files back to their original filename.
5. Relaunch the Keychain app. Hopefully it works and you have access. It worked for me :-)
Mac OS X (10.7.5)