I'm having this same problem. Captivate 4 is fully updated, but it just freezes when starting with "Copying First Run Files" on the green splash screen. First of all, why is it "Copying First Run Files"? This isn't the first time I've run the program.
In fact, I just ran it, recorded a window, closed the application, and then ran into this problem when I tried to start Captivate again, just like before, by running it from the start menu as administrator.
Microsoft Outlook is not open and that's not the problem as the O.P. mentioned. Captivate just randomly decided that it's not going to start. Unacceptable.
This is very annoying, considering the only reason I'm trying to record the screen is to post a video showing how the Flash Player's built in zoom function is utterly broken.