Paint Shed is a very slooooow program to get started. My system specs are just about the max for XP, and PS has always taken 2 to 3 minutes to load. I did ask the question of Auran a long time ago, and all I got was the usual rubbish, "update drivers" "shut down background programs" etc.
I suggest that when you open PS, you go and make a coffee while waiting. It will come up eventually.
Cheers