All of the errors I'm seeing when I google this error show up as .NET issues. I've seen the same thing (with a slightly different number) when I try to run a custom app at work on a computer without .NET.
To verify, check Add/Remove Programs in your Control Panel. "Microsoft .NET Framework 1.1" and/or "Microsoft .NET Framework 2.0" should be listed. If it's not, it's not installed.