Microsoft released this update on 10 April 2011 as part of the automatic updates. It causes any PowerPoint 2003 presentation which contains images to corrupt. On a computer where the default presentation contains images it causes PowerPoint to crash.
Microsoft suggest a workaround but our preferred solution is to remove the security patch altogether until Microsoft brings out an effective update. To do that open Control Panel then Windows Update then Installed updates (towards the bottom of the window) and then select Security Update for Microsoft Office PowerPoint 2003 (KB2464588):POWERPNT and highlight, right click and select Uninstall
Initially it will bring up and error message window:

The error message reads:
'PowerPoint was unable to display some of the text, images, or objects on slides in this file, "file name", because they have become corrupted. Affected slides have been replaced by blank slides in the presentation and it is not possible to recover the lost information. To endure that the file can be opened in previous versions of PowerPoint, us the Save As command (File menu) and save the file with either the same or a new name.'
On the Microsoft website they say:
Known issues with this security update
Presentations that contain layouts with a background images may cause an error when opened in PowerPoint 2003. A dialog will notify you that some contents (text, images or objects) have corrupted; the specific content lost will be what is specified in the layout, not the actual slide content itself. Items that were removed will display a blank box or a box containing “cleansed”.
Workarounds for this issue:
For Microsoft's full article go to http://support.microsoft.com/kb/2464588