Okay let's try this approach. Have you downloaded the no censor blur patch? Anything that messes with the camera? Otherwise any sort of 'mod' that was not a .package file (ie it replaces a game file).
Do you have a nocd crack?
If you modified any file from the original install then you need to restore the original file. Like if you used a cracked TS3.exe and TS3Host.dll then you need to put back the ones that were there before you put the crack in.
Honestly, if you still have the original install disc/files I would just reinstall the game. You'll still have your saves as long as you choose to keep them when it prompts you when you uninstall.
Okay, I'm sorry to bring this up again, but I've really run out of ideas. I already uninstalled and reinstalled my game, installed the first patch, the second doesn't work, and I've searched for the error log up and down but without any success. The search function comes up with nothing at all so I can't find out where the problem lies now. I can't remember downloading anything that would modify a file, but since I already reinstalled, that shouldn't be the problem, right?
Edit: Problem miraculously solved itself after I downloaded another version of the patch.