Three of us spent the day debugging (flailing at) this problem...
It was a new, dual processor Dell box.
The symptom was that you double-clicked to run the application and nothing happened. You could occasionally catch it using the CPU for just an instance, then it was gone. Absolutely no error messages and nothing logged (nothing in eventvwr, etc.).
Turning off the BIOS setting under security for "Execute Disable Memory Protection" seems to have made it happy.
I imagine newer applications would deal with this, but for an older app...