Try re- installing the program completely. ( Any maps that you have made put them in another folder before reinstall. Bit of a stuff around but it might fix the issue. You might have a corrupted registry key that is causing the issue.

http://answers.microsoft.com/en-us/windows/forum/windows_7-hardware/the-application-was-unable-to-start-correctly/16765d09-bc69-4ebb-8471-54b1fa176ba1

If you are running spybot that may be an issue.  Failing that it also says on another site that you may have HDD issues. 

Are you running anti-virus software? If so shut it off and see if it resolves the issue.

Perhaps try loading the TTS driver?

Some various anti-virus programs do not care much for encrypted files. IF you happen to hit the wrong combination things come to a stop quickly.

done my head in reading this lol

You need another numb nuts ride.

Vtune requires the .net enviroment to be installed on the PC. It is included on the TTS CD. It could be you do not have it in place. I would uninstall Vtune then make sure you have the .net in place before reinstalling.