I think you don't have the XNA Framework Redistributable 4.0 or .NET Framework 4 Client Profile installed on your pc. That makes the crash.
Simple installer for 1.0.27.1338
http://www.multiupload.com/8L3JPKIKGL
(You need to run with administrative privileges under win7/vista)
Simple installer for 1.0.27.1338
http://www.multiupload.com/8L3JPKIKGL
(You need to run with administrative privileges under win7/vista)