If you are getting an error message saying the "side by side" or "dll" is missing; uninstall the Studio, turn off your UAC, download and install the latest version of the Studio from the following linked page.
If you are not getting any error messages or the proceeding steps did not address the issue, download and install Microsoft's free Visual Studio Express which is linked below. Once that is installed you will be able to use the Fretlight Player software.
If you receive a "Pin" error message uninstall the 2010 version and install the 2008 version linked below.
If you are still having issues with the software follow the instructions on the following linked page.