Vista - runtime error 216 at 0000742a

We are testing Vista Business and we have an application that will not work.
I have admin rights and the application works fine. I log into PC with a
standard user account and when clicking on the application I immediately
receive runtime error 216 at 0000742A. I have searched the web and found
error 216 along with everything other address except 0000742A. I was told
that to get the application to work with WinXP they had to assign domain
users as power users. Now testing with Vista and we can't get the
application to launch for the standard user even if they are a power user.
It must be a rights issue since I as an admin account can launch the program
just fine. I was going to try and run the application as an administrator
but that is greyed out when going into the properties of the icon. Any help
someone can give me would be greatly appreciated. Thanks in advance