This error could be caused by various reasons such as compatibility, bugs in the application, conflict with other applications, corrupted data, corrupted registry entries.
First, close all your applications using Task manager and System Tray then remove the application and reboot the computer. Once it boots back, close the applications again, re-install the application and launch it. If you have Windows 7 or a version higher than XP, right click the executable file and select Run as Administrator (this gives the application exclusive access to system's resources). It should work normally. Unfortunately, there is no other version to download for this application as this is the latest one.