I tired to launch Photoshop 7 on Mac OS X and the web update check hung. This has happened before. The progress bar stops and teasingly the ‘cancel’ button is apparently non-functional. The only way out is a ‘Force Quit’.
Today I found this solution on the Adobe Forums: Can’t launch Photoshop because Web update hangs.
The short answer: Disable the automatic web update check.
Update: If the Adobe link ends in a login page, try the link a second time.