Well, sort of. After pouring over Google searches for a couple of weeks trying to find a solution, I decided to bite the bullet this weekend and reinstall the operating system on my Macbook Pro. I am convinced that running the Monolingual tool right after I got the laptop took something off that Dreamweaver, Fireworks and Flash Professional all needed to start up.
After reinstalling OS X and then Studio 8, all the applications fire right up without any problems.
Guess I'll have to be more careful in the future about blindly following some of these online guides. You'd think I'd know better by now huh!