Photoshop Version 5 'crashes' after Photoshop Version 6 is installed.
If you wish to continue running both V5 and V6, this is what you do.
Go to drive C (or wherever your Program Files are located) and follow this route:
Program Files > Common Files > Adobe > Fonts > Rqd > C Maps
When you see the list of fonts, highlight and delete Adobe Japanese fonts (or copy them and pop them in a folder somewhere).
I did this and yes, it cures the problem - well almost. From scratch V5 loads OK Open V6, close V6 then open V5 and it crashes - strange. Shut down system and re start. V5 loads OK. So if you wish to use V5, use it before opening V6. At least it will work, phew!
It appears that for some strange reason the Japanese fonts in the common files folder upset intercompatibilty. Though why it re-occurs after opening V6 (and I've looked, the fonts do not reappear) is a mystery, but so long as it works!
Hope this works for you too.