I experience similar problems on XP. When I first boot the computer, I can load and run AACW and BOA no problem. If I exit and restart, it becomes a crapshoot. Sometimes it loads properly, other times it loads into the task list but never appears on screen.
If I then go into task manager and delete several instances of open rundll32.exe in the processes screen, AACW immediately starts once the last rundll32.exe file is closed down.
It's something to do with rundll32, in my opinion.