A follow-up on this issue - as typed by my son who has been working on my computer to fix Photoshop.
It seems the current version of CC uses Microsoft Visual-C 2012(VC2012) and not 2010. I originally fixed this problem by following the advice I found at Photoshop CC (2014) fails to start (0xc000007b) » Timeclub . I uninstalled VC2012 x86 and x64, deleted both the files (msvcp110.dll & msvcr110.dll) and rebooted the machine. Once booted, I reinstalled both VC2012 and all looked right. Both Photoshop 2014 and Lightroom 2015 started perfectly. Happily I shut down and sent the computer back home.
Sadly on reboot the issue had returned. This time, instead of uninstalling and deleting all over again, I opened Windows' "Programs and Features" control panel (Add/Remove Programs for those still using Windows XP) and right clicked the entry and chose "Change' (repair in older versions of Windows). I ran the change on both x64 and x86 versions of VC2012 and (as requested by the installer) rebooted the machine - an interesting side-note, when I uninstalled (and reinstalled) VC2012, during the first run through, I was not requested to reboot. So far, through multiple reboots, both PS2014 and LR2015 are once again working.
I will revisit this thread if the problem returns.
For those happening upon this thread in the future I have include the text from the Windows error (straight from Event Viewer)
Log Name: Application
Source: Application Error
Date: 6/14/2015 11:34:43 AM
Event ID: 1000
Task Category: (100)
Level: Error
Keywords: Classic
User: N/A
Computer: Withheld
Description:
Faulting application name: Photoshop.exe, version: 15.2.2.310, time stamp: 0x5480338c
Faulting module name: :\WINDOWS\SYSTEM32\MSVCP110.dll!__crtCreateSymbolicLinkW, version: 6.3.9600.17736, time stamp: 0x550f4336
Exception code: 0xc0000139
Fault offset: 0x00000000000ec180
Faulting process id: 0x2cd4
Faulting application start time: 0x01d0a6c860d4db01
Faulting application path: C:\Program Files\Adobe\Adobe Photoshop CC 2014\Photoshop.exe
Faulting module path: :\WINDOWS\SYSTEM32\MSVCP110.dll
Report Id: a4019202-12bb-11e5-bf29-9c2a702fa5f8
Faulting package full name:
Faulting package-relative application ID:
Event Xml:
<Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">
<System>
<Provider Name="Application Error" />
<EventID Qualifiers="0">1000</EventID>
<Level>2</Level>
<Task>100</Task>
<Keywords>0x80000000000000</Keywords>
<TimeCreated SystemTime="2015-06-14T17:34:43.000000000Z" />
<EventRecordID>311580</EventRecordID>
<Channel>Application</Channel>
<Computer>{withheld}>
<Security />
</System>
<EventData>
<Data>Photoshop.exe</Data>
<Data>15.2.2.310</Data>
<Data>5480338c</Data>
<Data>:\WINDOWS\SYSTEM32\MSVCP110.dll!__crtCreateSymbolicLinkW</Data>
<Data>6.3.9600.17736</Data>
<Data>550f4336</Data>
<Data>c0000139</Data>
<Data>00000000000ec180</Data>
<Data>2cd4</Data>
<Data>01d0a6c860d4db01</Data>
<Data>C:\Program Files\Adobe\Adobe Photoshop CC 2014\Photoshop.exe</Data>
<Data>:\WINDOWS\SYSTEM32\MSVCP110.dll</Data>
<Data>a4019202-12bb-11e5-bf29-9c2a702fa5f8</Data>
<Data>
</Data>
<Data>
</Data>
</EventData>
</Event>