I think (from other people posting here, I don't have XP up anymore) that the latest version of Fritzing 0.9.3 doesn't work on XP. As I recall (a search for XP in the search bar in the forum may find the threads) .9.2 still worked. It does need the C runtime libraries (although the complaint if you don't have them is about a dll missing not the message above). It may be worth a try to make sure you have the C runtime libraries installed (they should show up as Microsoft visual C++ (year I have both 2005 and 2013 on my Win7 machine) Redistributable, but thats a long shot. If you find a cure please post because others will be interested.
Peter