I'd reinstall it anyway - you could check that the path wasn't messed with when you upgraded to ALM ? (is this what happened?) S7 , and for that Rockwell has big problems with a path over I think 255 characters long , and strange things can happen .As a for instance , I have to start up the download manager in Flex , just once externally from flex , then it will work , I should bite the bullet and do a full clean install (I do have a ghost of the hard drive) - but it is rather like getting teeth pulled .
Believe me , there is nothing worse than S7 munching up a big project when you have no back up , or one that is loads of work away . I could tell you stories that would make your hair curl......