I ran into this issue too.
In the end, I tried everything to get 7.5 to run, with no luck - the only solution was to install 7.4.3 instead (
http://filehippo.com/download_itunes/?3239).
I noticed that 7.4.3 handles the problem differently (or... properly!!):
- In 7.5, iTunes either runs as an inaccessible process in the background (not much use!) or throws up the scarddlg.dll error and crashes.
- In 7.4.3, iTunes pops up an information box mentioning that there's a Windows component missing (presumably scarddlg.dll again) and gives the option to continue and then runs perfectly OK. Looks like iTunes broke or lost this feature in 7.5.