I might have missed something but I'm not quite clear - are you running PDR and then opening your previous project at which point it hangs or double clicking the .pds? You could try opening one of the most recent automatic backups which in my system are located at
C:\Users\MYUSERNAME\AppData\Roaming\CyberLink\PowerDirector\15.0\Cache\AutoSave\
If that works then it would show the saved project has been corrupted somehow and the easiest I think would be to delete it and save the backup in it's place.
It might help to post the output from dxdiag on your system.