-1073741515 is the DWORD equivalent of 0xc0000135 which from googling it seems to be related to not having .NET installed, so you may want to try downloading and installing the latest .NET framework.
If that doesn't work then you might try the following to debug the problem a bit further.
Visual Studio usually installs a short-cut on the Start Menu called something like Visual Tools/Visual Studio 2005 Command Prompt - run this and then enter cl.exe and you should see something like the following:
> cl.exe
Microsoft (R) 32-bit C/C++ Optimizing Compiler Version 15.00.21022.08 for 80x86 Copyright (C) Microsoft Corporation. All rights reserved.
usage: cl [ option... ] filename... [ /link linkoption... ]
If not then you might want to download the dependency walker and run it from the same command shell window as above, then in DW open the cl.exe from your VS installation (vc\bin\cl.exe). Check if all the DLL's are found (ignore msjava.dll).