What format is theimage in? Do you mean a ppt format? If so, then the problem might be with a multiple image ppt file, since PS cannot deal with multiple images. I haven’t installed CS yet, so I don’t know if ppt is a new image type that can be accessed.
If it is, I could see where you would see the image for a second until the program found the second page, which would then be an illegal format.
The image is a .psd file. In Powerpoint I type "Sample" and hyperlink the image file. As I go through my presentation, I could simply click on the link to open the image. I am doing digital photo/Photoshop class and was trying to find an easier way go directly to a certian image in Photoshop without having to go through the browser or file>open or open and minimize a bunch of files. With Internet Explorer set to open jpegs, it works just fine, but not Photoshop. If I save the Powerpoint as a web page, the hyperlink works for Photoshop.
Sorry, I misinterpreted your problem. As I see it now, you are in PP and trying to open PS through a hyperlink. (As opposed to my earlier thought that you are trying to open a ppt file in PS.)
Unfortunately, I am unable to help you. I have never used PP in this way. I probably would have just created a jpg or bmp of the PS file, and placed it directly in the PP presentation, rather than trying to link.
Maybe someone else can help. (You might also be searching through whatever PowerPoint resources Microsoft offers.)