This here could solve the problem:
http://pgfoundry.org/pipermail/pginstaller-devel/2007-May/000903.html
He says that installing this here might help (this is again the 2005 VC++):
http://www.microsoft.com/downloads/details.aspx?FamilyID=200b2fd9-ae1a-4a14-984d-389c36f85647&displaylang=en
Your error could be different in this case here is a howto to get the Event log:
To check the application event log for errors
Open Event Viewer: Click Start, point to All Programs, point to Administrative Tools, and then click Event Viewer.
In Event Viewer, in the console tree, click Application. In the details pane, make sure that there are no errors reported in the application event log that indicate the restore was unsuccessful.
If you notice any events that disclose an error, double-click the event to open the Event Properties, and then read the description of the event.
Research and resolve errors or inconsistencies as soon as possible. For more information about the error, click the URL in the Description box, or search for relevant articles in the Microsoft Knowledge Base ( http://go.microsoft.com/fwlink/?LinkId=18175 ).
After you have checked for errors, close Event Viewer.
I googled the first error and found this (as this is related with Elephant):
You might try going to the registry and removing Microsoft Visual C++ redistributable 2005 and reboot. When you are booted back up, re-install Microsoft Visual C++ redistributable 2005. If this does not work, try and remove your antivirus, and repeat the above, then re-install you antivirus. Hope this helps.