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I ran into the same error after installing Poser 7 under a clean Vista installation.  I came to the conclusion that it was failing because the license did not get applied during installation, and something is happening in Poser at the point of license validation.

This conclusion was reinforced by the fact that I had a backup of my old XP hard drive and I was able to successfully launch Poser 7 out of that, getting the window showing my license key at the point where the clean install fails.

I simply deleted my new Poser 7 directory and copied the old one from my backup in place, and now its working like a charm.  Obviously that doesn't help if you don't have such a backup image, but it may give someone else some ideas.

Funny thing is when I installed Vista it was late at night, it actually took all night to go through what it needed to do and before I installed it I never thought about backing it up, I dont know someone hit me with the stupid stick. Today I totally deleted the Poser 7 program from my harddrive, all my files where pretty much external and the funniest thing happened. It started up and got to interface and it asked me for one of the inj files from V4 I had her saved to load everytime the program loaded before all this stuff happened. Needless to say I exited the program and re-installed v4 who wasnt installed at the time because all my morphs and figs stay in the main runtime folder. So I installed her and dammit if the same problem didnt occur. Now I am back to Poser 6 which right now works, have to wait for a fix from either e-frontier or microsoft.