Can't use 3D paint tool on my object

[grah5941]

I need to use the 3D paint tool on this object. I have unwrapped the UVs, assigned a new lambert material, and then I opened the 3D paint tool and clicked "assign/edit textures", setting the size to the same as my uvs. Whenever I hover over the object with the brush it just has a red circle with an X through it, and if I try to use the flood paint, maya crashes. 

I checked the hypershade window and everything looks fine.

[hamsterHamster]

Did you click Save Texture button? If my mem doesn't fail me, that was the step to invoke painting.