ArcGIS Desktop 10.2.2 (Advanced) not running in Windows 7

I just installed ArcGIS Desktop 10.2.2 on my Windows 7 PC. Install seemed to go well.

But, when I start ArcGIS the splash screen appears and says "initializing application" and stays there forever.

10.2.2 seems not to work on a Windows 7 PC. It never even starts?!

Any ideas?