I want to make sure I get this right:
So, you double click on the icon and all that appears, is the black load screen, before the engine jumps you to the main MCO screen, correct?
If the C++ (2010) is saying a newer version is installed, you've got .Net 4. Make sure you have the 4.5 upgrade. It will resinstall the vsdist again.
Are you running Win7 x64? Is it Ultimate, Home or Premium? There is no need, as I don't have to, but have is this in compatibility mode?