I got some help. My problem was that although I deleted the previos Netscape I didn't delete the Mozilla folders too. Once I delete it and re-installed Netscape, it worked fine.
Now I have to configure the email! Grrr.
I just started over with my harddrive, installed XP-Pro on my home built P4 and decided up install Netscape again. I've downloaded the program twice and it seems to install fine but when I click on the desktop icon nothing happens. It's listed in the start menu as my default but I can't get the program launched.