Seeing as this thread is being hammered, I am posting a few links that may help:
http://www.computerperformance.co.uk/Logon/code/code_80070005.htm
http://stackoverflow.com/questions/848750/crystal-report-fails-to-load-on-windows-2003-os
1780994 - A Crystal Report .NET application hangs on the ReportDocument.Load() method
1218759 - Error: "Load Report Failed" when trying to run Crystal Reports .NET application
- Ludek