I found the solution! Go here http://www.microsoft.com/en-us/download/details.aspx?id=40784 and download the installer. Uninstall and dont repair. Then reinstall.
Hi,
I cant use the engine. When I click the shortcut this message come up “The application was unable to start correctly ( 0xc000007b) Click OK to close the application”
Is there a fix for this?
Im running windows 8 64 bit
It was due to the msvcr120.dll in system 32. If you have the same problem. delete that first and try again. thats what I did.
Your link seems to be broken. Can you update it please, I have the same error 
Hi Spazmortis! You’re absolutely right that it looks like for some reason the VC2013 redistributable didn’t get installed properly. It looks like you were trying to link to this page, which should work: http://www.microsoft.com/en-us/download/details.aspx?id=40784. Thanks for investigating this, and thanks for your patience.
Carlos
Ya, great find Spazmortis! If anyone else finds themselves in this situation and the uninstall/install of VC2013 redistributable does not fix the issue then I would suggest checking out the answer here: