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No, it shouldn't.

What it means is that iPhoto cannot find the library file, which should be in the Pictures folder of your home folder.
 
No, it shouldn't.

What it means is that iPhoto cannot find the library file, which should be in the Pictures folder of your home folder.

Yes, my iPhoto library still resides inside my Pictures folder, but when I double-click to open, the same prompt appears... "iPhoto quit unexpectedly"
 
To rebuild the iPhoto library:

Quit iPhoto if it is open.
Hold down the Command and Option keys on the keyboard.
Open iPhoto.
Keep the keys held down until you are prompted to rebuild the library.
A dialog will appear with rebuild options. Select the options you want to use.
Click Rebuild to begin the rebuild process. This may take a few minutes to complete.
 
To rebuild the iPhoto library:

Quit iPhoto if it is open.
Hold down the Command and Option keys on the keyboard.
Open iPhoto.
Keep the keys held down until you are prompted to rebuild the library.
A dialog will appear with rebuild options. Select the options you want to use.
Click Rebuild to begin the rebuild process. This may take a few minutes to complete.

No dice. Doesn't even give me the option to repair.
 
Try holding just option on start of iPhoto, and choose your library from wherever you keep it.
 
Photos in iPhoto are located in "Pictures>iPhoto Library.

Right click on the library and select "show contents"

They should be there. If not do a search for all images and note the location.
 
Photos in iPhoto are located in "Pictures>iPhoto Library.

They should be there. If not do a search for all images and note the location.

In Finder, when I click on iPhoto Library I am prompted... "volume not found."
I see my photos by doing this...
Finder
Pictures
iPhoto Library
-then right-click to 'show package contents'
Originals

Any ideas why I cannot open them in iPhoto?
 
I concur. Back up the "original" photos to your desktop. Reinstall iPhoto. Make sure it's up to date.
Open the app then close it.

Copy the "originals" folder on your desktop to the location it was previous in before the re-install.
 
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