Error7 (Windows error 126) After Installing iTunes

I got the following error message when unsuccessfully trying to open iTunes:

“The program can't start because MSVCR80.dll is missing from your computer. Try reinstalling the program to fix the problem.”

So following directions I uninstalled iTunes, downloaded the latest iTunes from the iTunes site and attempted to reinstall. However, it would not reinstall and gave the following error message:

“Service ‘Apple Mobile Device’ (Apple Mobile Device) failed to start. Verify that you have sufficient privileges to start system services.”

After I clicked ignore a dialog box came up saying iTunes had been successfully installed. Underneath it was another dialog box with a big X in red which said:

“iTunes was not installed correctly. Please reinstall iTunes. Error7 (Windows error 126)

Please let me know what to do.