I was having the same issue where I'd launch Reader Library and it wouldn't launch but it (and the launcher process) would appear in the taskbar. I just started shutting down processes until it came up. In my case, it appears Jungle Disk Monitor blocks it. It's not enough just to close Jungle Disk Monitor though. I had to shut down the process. After that, the Reader Library comes up when I open it.
I'd recommend only shutting down processes you recognize. Like iPodService or iTunesHelper or things like that. Google any that you don't recognize but Windows is usually pretty good at not letting you close anything it needs.
For the record: I'm using Vista 64-bit.
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