The application has failed to start because its side-by-side configuration is incorrect. Please see the application event log for more detail.

This is not a chirp error, and appears (from a bit of googling) that it's related to some microsoft/windows libraries getting out of whack on your system. See the following link, and the rest of the hits google returns for "side by side configuration is incorrect":

http://blogs.msdn.com/b/developingfordynamicsgp/archive/2010/08/20/side-by-s...