iOS Simulator Stalls

I am running Mountain Lion and XCode 4.4.1. I am trying to run the iOS Simulator but it will show the image of the iPhone but no OS shows up inside the phone. I have looked at the Console Log and found a crash with the following code

Process:         iPhone Simulator [7465]
Path:            /Developer-3.2.6/*/iPhone Simulator.app/Contents/MacOS/iPhone Simulator
Identifier:      iPhone Simulator
Version:         4.3 (238.2)
Code Type:       X86 (Native)
Parent Process:  iPhone Simulator [7430]
User ID:         501

Date/Time:       2012-09-09 23:00:06.802 +0100
OS Version:      Mac OS X 10.8.1 (12B19)
Report Version:  10

Crashed Thread:  0  Dispatch queue: com.apple.main-thread

Exception Type:  EXC_BREAKPOINT (SIGTRAP)
Exception Codes: 0x0000000000000002, 0x0000000000000000

Application Specific Information:
*** multi-threaded process forked ***
*** NSTask: Task create for path '/Developer-3.2.6/Platforms/iPhoneOS.platform/Developer/SDKs/iPhoneOS4.3.sdk/System/Library/CoreServices/SpringBoard.app/SpringBoard' failed: 22, "Invalid argument".  Terminating temporary process.

Thread 0 Crashed:: Dispatch queue: com.apple.main-thread
0   com.apple.Foundation            0x95878418 ___NEW_PROCESS_COULD_NOT_BE_EXECD___ + 7
1   com.apple.Foundation            0x95736f56 -[NSConcreteTask launchWithDictionary:] + 4698
2   com.apple.Foundation            0x957a8587 -[NSConcreteTask launch] + 40
3   com.apple.AppKit                0x96405958 -[NSAlert didEndSheet:returnCode:contextInfo:] + 182
4   com.apple.AppKit                0x960ae366 -[NSApplication endSheet:returnCode:] + 314
5   com.apple.AppKit                0x96400cc8 -[NSAlert buttonPressed:] + 266
6   libobjc.A.dylib                 0x9319b5d3 -[NSObject performSelector:withObject:] + 70
7   com.apple.AppKit                0x962a89a2 -[NSApplication sendAction:to:from:] + 436
8   com.apple.AppKit                0x962a87b0 -[NSControl sendAction:to:] + 102
9   com.apple.AppKit                0x962a86bf -[NSCell _sendActionFrom:] + 159
10  com.apple.AppKit                0x962a6c30 -[NSCell trackMouse:inRect:ofView:untilMouseUp:] + 1895
11  com.apple.AppKit                0x962a646f -[NSButtonCell trackMouse:inRect:ofView:untilMouseUp:] + 511
12  com.apple.AppKit                0x962a5b89 -[NSControl mouseDown:] + 867
13  com.apple.AppKit                0x9629d841 -[NSWindow sendEvent:] + 6968
14  com.apple.AppKit                0x9629881f -[NSApplication sendEvent:] + 4278
15  com.apple.AppKit                0x961b273c -[NSApplication run] + 951
16  com.apple.AppKit                0x961558e6 NSApplicationMain + 1053
17  com.apple.iphonesimulator       0x00001fa5 0x1000 + 4005

Thread 0 crashed with X86 Thread State (32-bit):
  eax: 0xacb57e43  ebx: 0x95735d0d  ecx: 0x00000000  edx: 0x01a1a0a0
  edi: 0x00000016  esi: 0x0bf8e2e0  ebp: 0xbffff168  esp: 0xbffff160
   ss: 0x00000023  efl: 0x00000286  eip: 0x95878418   cs: 0x0000001b
   ds: 0x00000023   es: 0x00000023   fs: 0x00000000   gs: 0x0000000f
  cr2: 0x01a18ffe
Logical CPU: 3

Could someone please help me as to why this is showing up!

Thanks Carl

Removing folder

Developer-3.2.6

has solved the problem.

Thanks Ned Deily for your answer