Try opening your Photoshop file in Illustrator (choosing "Convert Photoshop Layers to Objects…").
This works with CS but I don't remember if this worked with earlier versions.
Also problem might be in preferences.
Photoshop sometimes gets stuck because of a corrupt preferences file.
1. While holding down all three Ctrl+Alt+Shift buttons open Photoshop or a file that opens with Photoshop
2. You should get a prompt asking if you want to "delete the Photoshop settings file".
3. Click Yes.
This will reset the preferences file.
And some useful references as adding assist....
http://www.filerepairforum.com/forum/adobe/adobe-aa/photoshop/1624-how-to-recover-a-psd-file - where you may read more about multiple tips about corrupted .psd files
http://www.psd.openfiletool.com/ - one of the best products on the market for recovering .psd file, software called PSD Open File Tool
