Yeah, same for me. I would not format and re-install unless it was a last ditch effort.
Uninstall everything "panic" and then do a search and make sure everything "panic" is gone. Usaully when a product does something like that there will still be traces in the registry. If you are compfortable with using regedit, go through and manually do a search and remove everything "panic".
And as for vdalian, man, that is terrible advice, you shouldn't tell people to do that unless they HAVE to, some people really don't know what else to do and they will reformat for the smallest thing.
That's just my two cents.
You could say I've been around.