Here are a couple of things to try:
First, see if the sample.mny or a new Money file will open correctly. If they won't, you have a problem with your system.
Second, uninstall Money and reinstall it in a new directory. Sometimes this forces Money to overwrite a conflicting dll.
Third, try installing Money on a new machine and see if the file will open.
Good luck! Please make sure to report back how it goes.
If none of these work for you, I suggest you vist the Microsoft Money newsgroup at news:msnews.microsoft.com/microsoft.public.money