I had that issue too with one of the two computers I've installed Windows 10 on: One was upgraded from Windows 7, the other was refreshed just hours ago.
On the upgraded machine, Photoshop 5.5 didn't work and when trying to reinstall, the installer would hang, too, but then on the refreshed computer, it installed and worked without any problems.
Back on the upgraded machine, I booted it in safe mode and the photoshop worked just fine. Back in regular mode, it hung again. I started disabling pointless services and startup items and then on next reboot, it worked.
Try your photoshop in safe mode. If it works there, you'll need to poke around your Windows install to see what's conflicting with your Photoshop loading. It otherwise DOES work.
I have tried so hard to get comfortable with later versions of Photoshop but 5.5's just perfect for me.
As near as I can tell, the Photoshop 5.0 installer is not compatible
with Windows 10 x64. However, it is possible to run Photoshop 5.0 on
Windows 10 64 bit.
Here's how I accomplished it, but proceed at your own risk. I recommend creating a restore point prior to continuing.
1. On a 32-bit Windows 10 computer, copy the "PHOTOSHP" folder and contents from the CD to the desktop (or other location.)
2. Run "setup.exe" in that folder as an administrator.
3. Complete the install of Photoshop 5.0 on your 32-bit pc.
4. Copy the following to a flash drive, or transfer using a network.
a. C:\Program Files\Adobe (all contents and sub-folders)
c. C:\Windows\System32 (any file that was modified the date of install)
5. On your 64-bit Windows 10 computer, copy the above files, into the same file structure. Do NOT overwrite any existing file.
6. Make sure you have a pagefile. No matter how much ram you have, Photoshop looks for a pagefile and calls it ram.
8. Locate and run "Photoshp.exe"
Photoshop will not show up as an installed program and will not show up
on your Apps list. You will need to pin to start, add to your desktop,