My XP profile is using group policy to redirect to a share on a Win2003 server.

This is preventing squeezeplay from starting. From the logs;

015517:136 INFO (...iles\SqueezeCenter\SqueezePlay\lua\jive\JiveMain.lua:162) - SqueezePlay version 7.4 r0
015517:229 INFO (...SqueezeCenter\SqueezePlay\lua\jive\AppletManager.lua:90) - User Path: \\Sbs\Redirect\andywright\Application Data/SqueezePlay/userpath
015517:229 WARN (...SqueezeCenter\SqueezePlay\lua\jive\AppletManager.lua:106) - Making directory: //Sbs

Where \\Sbs is the server, \Redirect is the share on the server.
This is copy/paste from stdout-SqueezePlay.txt - the back/forward slashes look mixed up on line 2.