Unable to run launcher

[Spleenling]

I have just installed the latest version Nehrim and was able to run the launcher once but when i tried to run the game got an eorror message and now every time i try to run the launcher i get a message saying:

Application Load Error 5:0000065434

I have a Steam copy of Oblivion and am running Windows 7

[Drawkiin]

Run Steam as Admin.