ArcCatalog Instability 10.1 SP1

In the past day or so I've had problems with ArcCatalog 10.1 SP1. If I try to open a FGDB it chugs and eventually crashes. I uninstalled everything, cleaned the registry, removed old folders etc. and reinstalled plus all patches. I opened ArcCatalog and tried to open the ToolBox and same thing, chug chug crash.

I'm running Vista 64-bit. Seems like this started after the last Microsoft update.

Is anyone else having this issue?