I gave up on 5.0 and installed 4.1 and I am up and running but I stumbled across this post deep in the forum. I bet this works but I dont want to mess with my installation anymore so I am not 100% sure:
"Then I found the answer: one has to delete three files, all located in the mysql/data directory:
*ib_logfile0
*ib_logfile1
*ibdata1
Deleting these files means that the Windows config wizard recreates them and the server starts without a hitch.
I also then restarted Windows after I reconfigured MySql just to make sure.
Then run "MySQL Server Instance Config Wizard" again and enjoy!!!!!!!!!!!"