I am using XCode 4.3.2 and trying to open an already existing project based on the Facebook SDK sample Project for XCODE and run it on a target IPhone with IOS 4.2. Althoug
You might have some broken privileges or a hung debugger process (one that didn't quite exit fast enough). Restart Xcode or restart your phone, either way, it's not as bad as it's more annoying cousin, Processes That Can't Be Registered To The BootStrap Server
If all else fails, restore it from a backup.