...if using the black arrow (select tool) doesn't reveal a bounding box when an object is selected, try view > show bounding box...
...the white arrow (direct select tool) behaves differently with regards to a bounding box...
...if you are having trouble with illustrator, have you tried resetting the preferences file, that may be playing up...
...if on mac hold down apple + alt + shift key on launching illustrator...
Location of Illustrator preferences files (CS2 and CS on Windows):
Adobe Illustrator stores its preferences file (AIPrefs) in the following locations:
Note: If you can't find the AIPrefs file in the following locations, enable Windows to show hidden files and folders. For instructions, refer to your Windows documentation.
-- Illustrator CS:
Documents and Settings/[ user name ]/Application Data/Adobe/Adobe Illustrator CS Settings/AIPrefs
-- Illustrator CS2:
Documents and Settings/[ user name ]/Application Data/Adobe/Adobe Illustrator CS2 Settings/AIPrefs
Andrew