This was driving me nuts all day. I could not even get that far as it was a complete update to 9.2 from iPhoto 09'. It would crash at rebuild every time.
I found a fix that worked for me and some others with your problem as well.
Search "3ivx" and see if that codec is installed on your system. It was on mine and per an apple discussion I uninstalled it and it works fine now. I see others had similar success.