Maybe your antivirus software is interfering? Are you running the game on a 64-bit system?
i'm getting a "not a valid WIN32 application" error too, both on SL.exe and SL-32.exe
i'm running Win 7 64-bit on an old intel I7 3770K, looking if my antivirus (Avast) could be an issue
i'm on a i5 3570 win 7 64 with avast as well
