How to fix iTunes launch errors caused by QTMovieWin.dll,MSVCR80.dll

How to fix iTunes launch errors caused by QTMovieWin.dll,MSVCR80.dll . Error 7 (Windows error 127). I downloaded the latest update to iTunes today 2/2/2014 and now have all kinds of errors. First of all now I get the Error 7 (Windows error 127). I tried the Apple Support suggestion of updating the .Net Framework from…