Common error. A required assembly isn't properly registered, so I would recommend (re)installing the Microsoft Visual C++ 2008 SP1 Redistributable Package.
As has been stated in another post:
Go here and download the latest version of the redistributable (x86):
http://www.microsoft.com/downloads/d...displaylang=en
IF USING x64 ARCHITECTURE (don't think it applies to you but what the heck): Go here and download the latest version of the redistributable:
http://www.microsoft.com/downloads/d...4-157cfdffee4e
Warning ! It would seem that sometimes, in order to resolve the issue on x64 systems, the x86 redistributable it still the "correct" one to use.