I am in the same boat. Finally got safari to launch by moving various safari-related things out of my Library, but it freezes as soon as it launches. Seemed to start soon after (but not immediately after) the update to 10.7.2. I also cannot get the installer for safari to run to try reinstall, and can't get the installer for the 10.7.2 combo update to run to try reinstalling that.
Please post if you find a solution.
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Possibly related...
Keychain Access would also not launch. I moved my keychains out of my library and keychain access launches. I believe (but am not positive) that is when safari started launching (although not working) again.
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I am now trying to reinstall lion, but it has been "Downloading additional components" for over 5 hours. No install disk is a disaster.