See http://support.microsoft.com/?kbid=822520 "You receive a 'The
application failed to initialize properly (0xc0150002)' error
message when you start an Office 2003 program on a Windows XP
Professional-based computer".

Old Swab Jockey wrote:
Had to run recover disk on my HP computer (safe so as not to delete any
files) When I tried to open word doc. I would get a msg "The application
failed to initialize properly (0xc0150002) Click ok to terminate the
application. Ran the Office 2003 disc again and still wouldn't open. Ran the
disc for trouble shooting and replair. Still can not open office documents.
Looked in the office downloads but couldn't find anything, can anyone guide
me along the way?