It looks like its trying to open for a moment, then vanishes. Any thoughts?
I experience the exact same thing. I don't know the solution, if there is a solution.
If ya got beef then fool eat a pork chop.
If you are set up using a floating licence, you will need a free licence to open the Script Editor. But the Script Editor will not 'keep' this licence in the way QTP does.
Try opening the Script Editor before QTP.