I get this error. I downloaded via the torrent, got the updater, updated with full check, my files seem to be similar to my friend's. So this is a configuration/setting issue I think. Am running Windows 8.1 Pro 64-bit. Not running on a virtual machine.
First, System.dll - Sorry, this application cannot run under a Virtual Machine
After I dismiss that, I get l2.exe: The application was unable to start correctly (0xc0000142). Click OK to close the application.
I searched around a bit, but to no avail. I've run L2 on Windows 8 before as well.