"Unable to find a version of the runtime to run this application"

I'm having the error above whenever i try to run an application. I have a 64-bit Windows 7 Ultimate OS.

I know this has to do with .NET framework but i don't get how to fix it.
I have .NET FRAMEWORK 1, 1.1, 2.0, 3.0 3.5, and 4.0. So I don't see what is wrong.