Well, from what I've found it sounds like it a 'Games For Windows Live' Problem.
- Try running GFWL Prior to starting Fable 3.
- If that doesn't work, re-install games for windows live then repeat above.
- If it still doesn't work make sure firewall isn't blocking games for windows live and repeat above.
- Make sure you restart your computer in between trying to fix it.
If it still doesn't work try running though some of the fixes on this page:
http://geekyupdate.com/2011/06/04/fable-3-pc-fix-lagcrashfreezeblack-screen- Apparently This sign in assistant seems to help too:
http://www.microsoft.com/download/en/details.aspx?displaylang=en&id=15106- And another user says as soon as he turned on windows seven updates he could launch, might want to try that too.
That's all I can really help you with, good luck on fixing your problem.