I had tried just reinstalling WordPerfect, but it gave the same error after reinstallation. I did however have to install WPWin, while my original product was PerfectOffice Pro. It's interesting to note that ALL the other Perfect Office apps worked fine.
It also noted to ensure that the environment variable TEMP pointed to an existing directory. And, to remove the .TMP files from the directory. Also, that there be some free space on the disk. And lastly, try running 'scandisk' (or chkdsk on old dos versions) to see if the hard disk has any unattached files. More info is (was?) at: this wordperfect site.
If you find a better way to deal with 'cannot initialize', please let me know.