The fact that Windows 7 is mentioned in the title of this post should give you some clue on why this error message will surface. If you haven’t figured it out yet, it’s got to do with Windows 7’s permissions and UAC mechanisms.
Apparently MediaMonkey tries to load some dependencies, and it’s not allowed to do so. If you right-click on MediaMonkey.exe and choose to run it as an administrator, you should be able to run MediaMonkey just fine. The solution is to either uninstall MediaMonkey, and re-install it in a non-problematic area, such as C:\MediaMonkey, or right-clicking on the MediaMonkey.exe file, choosing properties, going to security, and checking the box that asks to always run it as administrator.