When attempting to run Profiler the following error box pops up. The root cause of this error also caused NSEs to fail in processing and many other auxilary functions to fail completing their tasks correctly.

"Windows cannot access the specifed device, path, or file. You may not have the appropriate permissions to access the item."

Profiler, and programs like it has a .config (Profiler.exe.config) file that it needed to update or write to. Using sysinternals Procmon it was easy to see that when it attempted to write to the file it was being denied access.  Whereas, if the file was first deleted, then profiler could create a new file and run. But would again fail to run the next time, until the .config file was renamed or deleted.

The current user, which happened to be the service account, was being prevented from performing functions it normally should by way of permissions granted. It turned out to be UAC settings.

UAC (User Access Control) was disabled on the SMP and the problem went away.