hi Big Ed!
i'm not sure i've seen that error message before under these circumstances. but given that some quick Googling has told me that:
The library file odbc32.dll, contains program code used by your system to access databases using the Microsoft ODBC (Open DataBase Connectivity) standard methods. The odbc32.dll library will have been installed with one or more applications on your computer. If it is removed, any applications that require it to perform database access will stop working, so you should leave it on your system.
... and since itunes is a database-driven file manager, it's seems quite plausible that a missing odbc32.dll could cause problems when trying to launch itunes.
so i guess we need to first try getting a copy of that dll back in your PC and in the right place. i'm going off to check on ways of doing that.
if anyone else has advice on how to (safely) replace a .dll, please feel free to leap in with advice for Big Ed.
love, b