Then try to re-install both 32-bit and 64-bit MSVC 2010 Runtimes. One of them may have been put into the wrong location.
Running 64-bit PlaneShift on a 32-bit Windows won't work (the error message would probably mention a wrong EXE format); but running 32 and 64 bit PlaneShift on a 64-bit Windows 7 should both work, provided that both versions of the Microsoft Visual C++ Runtime packages are correctly installed.