The HRESULT is the interesting part: 0x8007007E means 'the specified module could not be found'. This implies that either the profiler core is not registered correctly, or one of its dependencies is missing.
The profiler UI checks the registration before trying to launch any application, so it's more likely that there is a missing dependency. Unfortunately, the error message provides no hint as to what this could be.
You can manually reregister it by running regsvr32 on the ProfilerCore dll contained within the ANTS distribution (you'll need to do both the version in the main directory and the one in the x64 directory if you're running 64-bit Windows). I suspect this will probably fail with the same HRESULT, though.
The profiler depends on the VC2010 runtime, the detoured dll (shipped with the profiler), mscoree.dll (ie, .NET), psapi.dll and ws2_2.dll (aka winsock). The DLLs are all part of the standard Windows distribution and should be found in your system32 directory. The VC2010 runtime should be installed by the ANTS installer if it's not already present, but you can install it manually from here:
http://www.microsoft.com/download/en/de ... px?id=5555
http://www.microsoft.com/download/en/de ... x?id=14632
Note that v5 of ANTS was built with Visual Studio 2008SP1, so you'll need a different version of the runtime installed for that version.