Sounds like the application is trying to reference an ActiveX (previously known as COM - Component Object Model or OLE - Object Linking and Embedding - originally DDE - Dynamic Data Exchange) object that's not on the system.
ActiveX is binary reusablity in Windows - these binary objects are separately installed (or not) on the system and registered. Once installed and registered, the ActiveX component is available for use by applications. Your application may be designed to use some particular ActiveX component that's separately configured / installed and it doesn't happen to be on that particular PC.
You can use the XP management console (Component Services) to see what you have on a particular system in the way of ActiveX components. They also have an .ocx file extension so you can find them that way as well.
The Windows SDK has info on ActiveX.
Menchar