LLoyd - that's what it turned out to be. There was a Mozilla.org folder with the accompanying files on the Programs/common files folder. I uninstalled Netscape, removed the entire Mozilla.org folder, reinstalled Netscape and voila! - away she went. Runs likle a top now!
The way I found it was by using a tool called FILEMON. If you haven't used it, it's like event view on speed! It shows EVERYTHING that's happening with the file system. As soon as I clicked on the NEtscape icon, it immediately showed that several files couldn't be found. I performed a search on the first file it couldn't find and that's when I discovered the stray files - something that you would think would be removed during an uninstall.
Anyway, things are looking up now. Thanks for everyones help and ideas.
There's always a better way. The fun is trying to find it!