Copy (command-C) the whole line of text to the Clipboard.
In the Finder, select Go▹Go to Folder from the menu bar. Paste (command-V) into the box that opens, then press return. A Finder window should open with a folder selected. If it does, move the selected folder — not just its contents — to the Trash.
Relaunch the problem application and test.
Caution: If you delete some or all of the contents of the selected folder, but leave the folder itself in place, the application may not launch. Deleting the folder will cause it to be rebuilt automatically.