RAD 7.0 error while creating a new dynamic web project

Hi, 
I am using the RAD 7.0 for the first time. today I opened it for the first time
and created one java project ( I did not change any settings). I tried creating
a new web project and then nothing comes up when I try new->dynamic web
project. Then I checked the error log and got the following error as in attached
doc 1. Unhandled event loop exception 2. java.lang.NullPointerException at
com.ibm.ws.ast.st.core.internal.runtime.WASRuntime.getVMInstall(Unknown Source)
at
org.eclipse.jst.server.core.internal.RuntimeBridge$Stub.getRuntimeComponents(Unk
nown Source) at
org.eclipse.wst.common.project.facet.core.runtime.internal.BridgedRuntime.suppor
ts(Unknown Source) at
org.eclipse.wst.common.project.facet.core.runtime.internal.AbstractRuntime.suppo
rts(Unknown Source) at
org.eclipse.wst.common.componentcore.datamodel.FacetProjectCreationDataModelProv
ider.getValidPropertyDescriptors(Unknown Source) at
org.eclipse.jst.j2ee.project.facet.J2EEFacetProjectCreationDataModelProvider.get
ValidPropertyDescriptors(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.DataModelImpl.getValidPrope
rtyDescriptors(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.ui.DataModelSynchHelper.set
WidgetValue(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.ui.DataModelSynchHelper$1.r
un(Unknown Source) at org.eclipse.swt.widgets.Synchronizer.syncExec(Unknown
Source) at org.eclipse.ui.internal.UISynchronizer.syncExec(Unknown Source) at
org.eclipse.swt.widgets.Display.syncExec(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.ui.DataModelSynchHelper.syn
chUIWithModel(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.ui.DataModelSynchHelper.syn
chComposite(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.ui.DataModelSynchHelper.syn
chCombo(Unknown Source) at
org.eclipse.wst.web.ui.internal.wizards.DataModelFacetCreationWizardPage.createS
erverTargetComposite(Unknown Source) at
org.eclipse.wst.web.ui.internal.wizards.DataModelFacetCreationWizardPage.createT
opLevelComposite(Unknown Source) at
org.eclipse.jst.j2ee.internal.wizard.J2EEComponentFacetCreationWizardPage.create
TopLevelComposite(Unknown Source) at
org.eclipse.wst.common.frameworks.internal.datamodel.ui.DataModelWizardPage.crea
teControl(Unknown Source) at
org.eclipse.jface.wizard.Wizard.createPageControls(Unknown Source) at
org.eclipse.wst.common.project.facet.ui.AddRemoveFacetsWizard.createPageControls
(Unknown Source) at
org.eclipse.wst.web.ui.internal.wizards.NewProjectDataModelFacetWizard.createPag
eControls(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.createPageControls(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.setWizard(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.updateForPage(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.access$2(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog$4.run(Unknown Source) at
org.eclipse.swt.custom.BusyIndicator.showWhile(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.showPage(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.nextPressed(Unknown Source) at
org.eclipse.jface.wizard.WizardDialog.buttonPressed(Unknown Source) at
org.eclipse.jface.dialogs.Dialog$3.widgetSelected(Unknown Source) at
org.eclipse.swt.widgets.TypedListener.handleEvent(Unknown Source) at
org.eclipse.swt.widgets.EventTable.sendEvent(Unknown Source) at
org.eclipse.swt.widgets.Widget.sendEvent(Unknown Source) at
org.eclipse.swt.widgets.Display.runDeferredEvents(Unknown Source) at
org.eclipse.swt.widgets.Display.readAndDispatch(Unknown Source) at
org.eclipse.jface.window.Window.runEventLoop(Unknown Source) at
org.eclipse.jface.window.Window.open(Unknown Source) at
org.eclipse.ui.actions.NewWizardAction.run(Unknown Source) at
org.eclipse.jface.action.Action.runWithEvent(Unknown Source) at
org.eclipse.jface.action.ActionContributionItem.handleWidgetSelection(Unknown
Source) at org.eclipse.jface.action.ActionContributionItem.access$2(Unknown
Source) at org.eclipse.jface.action.ActionContributionItem$5.handleEvent(Unknown
Source) at org.eclipse.swt.widgets.EventTable.sendEvent(Unknown Source) at
org.eclipse.swt.widgets.Widget.sendEvent(Unknown Source) at
org.eclipse.swt.widgets.Display.runDeferredEvents(Unknown Source) at
org.eclipse.swt.widgets.Display.readAndDispatch(Unknown Source) at
org.eclipse.ui.internal.Workbench.runEventLoop(Unknown Source) at
org.eclipse.ui.internal.Workbench.runUI(Unknown Source) at
org.eclipse.ui.internal.Workbench.createAndRunWorkbench(Unknown Source) at
org.eclipse.ui.PlatformUI.createAndRunWorkbench(Unknown Source) at
org.eclipse.ui.internal.ide.IDEApplication.run(Unknown Source) at
org.eclipse.core.internal.runtime.PlatformActivator$1.run(Unknown Source) at
org.eclipse.core.runtime.internal.adaptor.EclipseAppLauncher.runApplication(Unkn
own Source) at
org.eclipse.core.runtime.internal.adaptor.EclipseAppLauncher.start(Unknown
Source) at org.eclipse.core.runtime.adaptor.EclipseStarter.run(Unknown Source)
at org.eclipse.core.runtime.adaptor.EclipseStarter.run(Unknown Source) at
sun.reflect.NativeMethodAccessorImpl.invoke0(Native Method) at
sun.reflect.NativeMethodAccessorImpl.invoke(Unknown Source) at
sun.reflect.DelegatingMethodAccessorImpl.invoke(Unknown Source) at
java.lang.reflect.Method.invoke(Unknown Source) at
org.eclipse.core.launcher.Main.invokeFramework(Unknown Source) at
org.eclipse.core.launcher.Main.basicRun(Unknown Source) at
org.eclipse.core.launcher.Main.run(Unknown Source) at
org.eclipse.core.launcher.Main.main(Unknown Source) Please help me.