First google hit after pasting that error message in the search box: Regedit: Application failed to initialize (0xc000007b) - Microsoft Community
Second hit: The application failed to initialize properly (0xc000007b). Click on Ok to terminate the application. | Relyon Softech
Without even telling us what os you're currently running, or any other information like event viewer logs or what you've already tried yourself, it's pretty hard to help.
As a sidenote: Install .NET 3.5 SP1 instead imho. It's the same CLR as 2.0 thus 2.0 apps work as well while having a newer framework on your pc