I can't select any text?

Suddenly in my project I can't select any of my text fields. When I do, they all move slightly (more like they fidget), but I can't edit them or select them individually to change individual properties.

I saw a post about trashing preferences? Is this for reals? that sounds like an MS-DOS approach. is this really what i need to do? Is there any other setting I could look at to fix this? Any other solution?

I love the functionality of these programs but MAN i'm seeing a lot of bugs lately, and I just started using them full time.....