VS2005 pro hangs right after creation of a new project



Please, let me know, if anyone experienced the same problem :

Given VS2005 pro - Installs clean without any problems. Trying to create a
windows application project or a console application project. VS hangs right
after successful creation of the project. There ara no error messages of any
kind, no apllication event log entries of any kind. VS just hangs.
Reinstalling it, cleaning registry, .net reinstallation has no effect.
The only kind of error I'm getting is
".NET Runtime version 2.0.50727.42 - Fatal Execution Engine Error (7A2B45A2)
(0)" and it happens right after a kill the devenv task in the task manager.
As of now I cannot do anything in VS 2005.
PLease, point me to a right direction.


.



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