Oops, just fixed it!
it's something to do with (or in) the "Propellerhead Software" application support folder in the user library.
(the now hidden in lion home folder library (go to the "go" menu in the finder while holding down the option key to get there))
it's probably the "remote" folder?
I'll do some experimenting.
i just removed it to the desktop temporarily (need to enter pass)and reason opened up fine and am now rebuilding necessities (library prefs) manually
let me know if you need a better explanation
Funny, I already tried repairing permissions on that folder, something must have changed
Gotta Play Now