Microsoft Office Picture Manager Opens Slowly
Some versions of Office include Microsoft Office Picture Manager, a program that lets you view and modify images in several useful ways. But sometimes it will appear to hang when launched.
A user on TechBlog has found and posted this solution
In a nutshell, Picture Manager (PM) maintains a Most Recently Used (MRU) list ... a list of the files you've most recently opened with it. As it starts up, it apparently checks to see whether each of these files is available. In some cases (usually if the file's on a network) this can take a long time if the file's not there, and that can cause PM to start up very slowly.
The MRU list is stored in a file called OISCatalog.cag located in
%userprofile%\Local Settings\Application Data\Microsoft\OIS
Double-click OISCatalog.cag and choose Notepad when Windows asks what program you want to use to open it.
Delete any lines that start with "mru path" (including opening and closing tags).
If you prefer not to edit the file, simply delete it. PM will recreate it when it starts up again.