The only thing that is required to run it is .NET Framework 2.0
You can check if thats installed by going to the control panel and selecting add and remove programs and in the list of installed apps will be "Microsoft .NET Framework 2.0
" If its not there you must install it the old version 1.0 or 1.1 will not work - you must have 2.0
If it is there the only thing I can suggest is uninstalling the .NET Framework 2.0 and re-installing it from here
If that doesnt work - let me know and ill try and look some more...
EDIT : Ive just googled your error and other people have the same error with different apps because wrong version of .NET Framework or no .NET Framework was installed - so I bet thats where your prolem lies.