No need to worry, actually there is a solution for the problem. A lot users also encounter this application error but the problem was fixed after installation from the following program.

All you need is Microsoft Visual C++ 2005, you won't encounter this error/problem if you regular updating your windows, here's the link, for windows XP,

http://www.microsoft.com/downloads/deta … laylang=en

If possible, report again to see if the emulator works after the installation.