The msgsrv32.exe program, is failing to start. This could be due to corruption of the module, or one of the .dll's it uses, or possibly by loading a different version of one of these .dll's.
You can try to fix it by booting from a floppy/cd and copying...
MSGSRV32.EXE
ADVAPI32.DLL
GDI32.DLL
KERNEL32.DLL
MPR.DLL
USER32.DLL
... from your installation disk to wherever you have your windows files.
If that doesn't work, save your files and re-install the OS.
