VirtualBox Hangs on VM Startup

[clanderson]

Hey guys, on a fresh install of VirtualBox I am completely unable to create a new virtual machine.

When I attempt to start up a newly created machine for the first time, without any customized configuration, it hangs at

Creating process for virtual machine "XX" (GUI/Qt) ... (1/2)

where XX is the machine name.

Once I exit this box out of impatient frustration, I attempt to check the settings of the new virtual machine and am presented with the error below.

What the crap is going on??