Database Service wont start after installing SP2

I am hoping someone can help me. I am having issues changing the service account MSSQLSERVER. I changed it to Local System only due to issues installing Service Packs up SP2 Critical. I used the Configuration tool to do so. I have installed all patches up to and including Critical update ( KB 934458 ). I had a heck of a time getting them to install under custom service accounts. Now when I change the service accounts back to a custom account using the configuration tool the service wont start at all.

To be clear. The service runs fine under Local System Account, but I want to run it under a limited account. I used the config tool and made sure the permissions groups were added, but it still fails to start. I am not sure what SSL log entries below is referring to.

I am running:

SQL Server Standard Edition x86

Windows 2003 Stnd SP2

Below is the log file:

2007-09-01 23:50:16.15 spid9s Starting up database 'model'.
2007-09-01 23:50:16.20 Server Error: 17190, Severity: 16, State: 1.
2007-09-01 23:50:16.20 Server FallBack certificate initialization failed with error code: 1.
2007-09-01 23:50:16.20 Server Unable to initialize SSL encryption because a valid certificate could not be found, and it is not possible to create a self-signed certificate.
2007-09-01 23:50:16.21 Server Error: 17182, Severity: 16, State: 1.
2007-09-01 23:50:16.21 Server TDSSNIClient initialization failed with error 0x80092004, status code 0x80.
2007-09-01 23:50:16.21 Server Error: 17182, Severity: 16, State: 1.
2007-09-01 23:50:16.21 Server TDSSNIClient initialization failed with error 0x80092004, status code 0x1.
2007-09-01 23:50:16.21 Server Error: 17826, Severity: 18, State: 3.
2007-09-01 23:50:16.21 Server Could not start the network library because of an internal error in the network library. To determine the cause, review the errors immediately preceding this one in the error log.
2007-09-01 23:50:16.21 Server Error: 17120, Severity: 16, State: 1.
2007-09-01 23:50:16.21 Server SQL Server could not spawn FRunCM thread. Check the SQL Server error log and the Windows event logs for information about possible related problems.

I am not DBA or very heavy IT, but rather a developer wearing multiple hats, for the time being. So any help is greatly appreciated.

Thanks, DMC

Can anyone explain to me what SSL log error is referring to?