It could be that on your installation your setting was to run PowerPoint
from the CD (which is really meant to save disk space, but is not a good
idea). Have you tried reinserting your Office CD and reinstalling
everything? You might need to click on the "Customize" or "Full install"
option. If presented with the option to "Run from my computer" or "Run from
CD", make sure the "Run from my computer" is selected. Even though the size
of software files have grown exponentially over the past few years, the cost
of hard drive space has gone down the same amount and all programs should be
"fully installed" if possible.
Holler back if you have problems changing your installation preferences.
Bill Foley, Microsoft MVP (PowerPoint)
www.pttinc.com