Thanks to everyone who responded - I've since figured out the problem.

With the Filemon utility from Sysinternals (www.sysinternals.com), I was able to trace exactly what files and OS requests the application was attempting to make upon load. I did notice a few entries in the log where "NAME INVALID" showed up as a result. When I zoomed in, I noticed that the path of the request was a concatenation of two different paths (e.g. "C:\BinC:\AnotherApp\Program").

I asked the IT individual to bring up the environment vars for the server and to examine the path because it looked to me like a semi-colon was missing. Sure enough, that concatenation was in the path. Once they inserted the semi-colon, the application launched perfectly.

Strange days indeed.

Laterness,
Jon