See this MSKB Article:

FIX: "Error Instantiating Application Object" on Windows NT

>On some NT machines I face a weird problem when VFP is launched : Error initializing Application object (Error 1574).
>The documentation says that the Automation server or type library is not registered correctly and it suggest to remove the registry entry because the registry file is corrupted.
>However, I don't know which entry I am supposed to remove nor does I know how to recreate it later on (with which proper values, i mean).
>Does anyone already came across such problem? Who can help me with this?
>
>Pat