Hello there, TimWagner66.
It seems this issue may be cause by a bad installation of a version of Microsoft's .NET Framework. The following Knowledge Base article has the steps on how to resolve this issue:
iTunes for Windows: "Error 7" message when opening iTunes
http://support.apple.com/kb/TS3074
For Windows 7, the steps are as follows:
Windows 7:
To resolve this issue, run these installers one at a time and follow the instructions on screen to install each applicable version of the .NET Framework. If this version of the .NET Framework is already installed, you may see a screen similar to the one shown below.
If you see this screen, select Repair and then click Next to repair the installation of the .NET Framework.
Thanks for reaching out to Apple Support Communities for a solution to your question.
Cheers,
Pedro D.