Thanks for the advice on 4.0.1!! And thanks be to the folks a GOOGLE in helping me to find your advice.
This problem had been driving me nuts and I was almost ready to fork over the cost of Photoshop CS2.
But after installing the update, I still had the PSUT9532.DLL error on start up. I traced that error to my previous use of the compatibility wizard associating the 4.0 program to Win 98. After undoing the compatibility change, I was able to start up Photoshop 4.0.1 without incident.