Read this link from microsoft for a possible solution
Satya - Tuesday, August 09, 2005 1:03:38 PM
I am not sure what helped: Reinstalling or reinstalling plus the above fix
The microsoft suggested fix did not seem to help. I have created the directories, and did the repair and rebooted. Same symptoms. visio would hang updating the directory cache. (At least seem to hang)
Ultimately visio was reinstalled. It still was taking time to update these directories. I just went for lunch leaving to its mysterious doings.
When I came back it seemed to finish what it was doing. Now relaunching seem to work fine.
Satya - Tuesday, August 09, 2005 1:04:41 PM
Moral of the story
1. Reinstall 2. Create the directories 3. Invoke visio 4. Take a good lunch, the longer the better