Worked for me!
I encountered same issue when I updated Premiere CC back in April. Spend hours on phone to Adobe. Encountered same problem when I installled Premiere CC 2014. Both crashing immediately on splash screen,
Adobe support solution was to uninstall Premiere then re-install via the CC desktop app, watch the installation progress and click stop when it says "updating" (Around 95% if I remember rightly). Premiere would then work as long as I didn't update it. A poor solution that still annoyed me.
So I bought a new video card, reformatted HD's and re installed Windows 7 still to no avail.
Until I read the above post and installing Windows 7 Service Pack 1 has solved the problem! I am very happy to have found this post but still am unsure what was causing problem that the service pack corrected!?
Hope this works for others experiencing same problem!