The initialize component routine is called by .NET to perform any startup / initialization actions on the objects that have been added to your form. I am assuming that you have written no code there, so there are a few things to investigate...
Does this happen on every form? Can you create a new form, set it be the startup form, run the program and have to form display?
If this happens on every form, even a "blank, new, virgin" form, then you got something hosed at a deep level. Can you create a new project, and have the same thing happen? Might be re-install time.
If this only occurs on a single form, then one of the controls, or embedded graphics, icons, etc. could be causing the problem. You could either remove controls and re-rerun, attempting to determine which object is making the exception, or you create a new form, verify that it starts, and start moving objects from the bad form to the good one until it breaks.
If this happens on every form, in every project, then you might want to look at a re-install of your tools/dotNet.
Another approach might be to remove all the references to System.Drawing.DLL, recompile and look at any errors generated. The thing to try and determine is whether this is your code problem, a problem in a control or component that someone else has written and you are using, or something is wrong with your installation / registry / configuration in Windows, dotNet, or Visual Studio.