"Untitled" is a common place holder so it's possible that the using that as the project name has caused a problem with one of the build scripts. Try another project with a more unique name.
Other possible problems: (1) Permissions problem with the build directories (2) if you messed with the build settings you might have switched off the creation of the executable.
Edit01:
(Response to comment)
It sounds like you have a nasty corruption problem for some reason. Some things to try.
(1) Create a new user and try to run Xcode from that account. That will tell you if the problem is with the developer install or if its some kind of preferences or other file in the user's home directory. Xcode and the other dev apps dynamically create a lot of directories and files that an reinstall will not affect.
(2) You can do a complete uninstall of the developer tools from the command line.
sudo /Developer/Library/uninstall-devtools --mode=all
(3) Xcode is just a face application for a full suit of unix command line development tools. If you installed different versions of these tool e.g. gcc, gdb etc, you might have altered something critical.
(4) Xcode plug-ins can cause problems. Make sure you remove all of them.
I had a crash in Xcode once, and afterwards I could never get Xcode to run under that user account. I spent nearly two days trying to troubleshoot before giving up and moving to another account. That turned out to be a good thing because it allowed me to create an account focused solely on development without all the distractions of my normal account.