I had the same problem, and it had to do with the movies. Try this: copy the contents of your ubisoft\SHIII\movies folder to desktop, and then delete them from the movies folder, and then start the game. If it loads, then copy the logo file back into the folder, and start the game. If it loads, copy the intro file back into the folder.
If this doesn't help, I don't have any suggestions except the uninstall and reinstall.
Are you sure the MD5's were OK on the download?
And did the game loaded OK after the install of SHIII and 1.4b patch, and before GWX was installed?
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Irish1958
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