I discovered something similar in recent dealings with VS2005.
After compiling and linking successfully, trying to run the exe got the following error message:
Unable to start program ' ... '
This application has failed to start because the application configuration is incorrect. Review the manifest file for possible errors. Reinstalling the application may fix this problem. For more details, please see the application even log.
Of course, nothing in the app log, though the system log had a few useless entries. The manifest file at least had something to search on, the useful lines being:
<assemblyIdentity type="win32" name="Microsoft.VC80.DebugCRT" version="8.0.50608.0" processorArchitecture="x86" publicKeyToken="1fc8b3b9a1e18e3b"></assemblyIdentity>
<assemblyIdentity type="win32" name="Microsoft.VC80.DebugCRT" version="8.0.50727.363" processorArchitecture="x86" publicKeyToken="1fc8b3b9a1e18e3b"></assemblyIdentity>
<assemblyIdentity type="win32" name="Microsoft.VC80.DebugOpenMP" version="8.0.50727.363" processorArchitecture="x86" publicKeyToken="1fc8b3b9a1e18e3b"></assemblyIdentity>
as we don't actually use OpenMP in our code, but one of the libraries we use does, this led (after some blood and tears) to us figuring out that the libraries were being compiled and linked on a machine with the VS2005 SP1 beta installed. As another poster here mentions, that installs new versions of various dlls, which get embedded as dependencies. Then, when those libraries get propogated and linked against, the exe's manifest gets those dependencies as well - which aren't on my (or your) machine.
One of Clearcase's features is that is reuses object files (and presumably lib files, as well) compiled by other people. However, as my system showed, the dependency checking of VS2005 is obviously a bit faulty when dealing with versioned system dlls like this.
My solution was to simply manually recompile all the dependent libraries. Fortunately, the source code came with our license. Another solution is likely to install SP1, though that is not a step we are taking yet, so I can't say for certain that this would work - I'm going to make an educated guess that it would.
Hopefully this helps you, if you haven't figured it out already, then at least some other person down the line who searches on this problem.