hmm... Google says that error is related to Visual C++, so:

From the topic First Aid : when Div2 does not start or crashes
Quote
3. Make sure the Visual C++ redistributable files are installed. You can install them from our DVD:

[DVDROMDRIVE]:\Support\Visual C++\vcredist_x86.exe

That's it. If that doesn't help, you may want to try uninstalling the game and reinstalling again (maybe even after a reboot after the uninstall) cause apparently that has helped people here as well...

Thess files are also available directly from Microsoft.