Windows 7 or Windows Server 2008 R2 can't open a shared application on a CIFS share.

Opening a shared application on a CIFS share with a Windows 7 or Windows Server 2008 R2 client results in an error:
"The application failed to initialize properly (0xc000000F)"

The application does not load.

Microsoft has confirmed this is a Microsoft issue and has provided a hot fix for it.

At the time of this writing you could get it here:
http://support.microsoft.com/kb/978869

This hot fix should eventually be rolled up into their software updates according to the information on this Microsoft web page.