Unable to load CorelDrw.dll. Error Code:14003

I installed CorelDraw X5 on a brand new Win7 and cannot launch it. Immediately this error message appears:

Unable to load CorelDrw.dll. Error Code:14003

There we thought we`d try X5 and possibly upgrade and then I ended up loosing several hours by trying to fix it. I`m very angry and disappointed right now since we had such instability problems in the past with Corel. The only worse experience was Illustrator in 2001.

Of course I tried uninstalling and re-installing but other than messing up a fresh Win7 no success.

I hope for a quick and simple solution otherwise I can`t see us staying with Corel much longer since we are already using Adobe stuff and Illustrator is kind of free.