Trouble running applications after Win7 SP1 update

[Pipeliner]

So...
In what should be no surprise, after my development machine automagically updated Win7 to Win7-SP1, all previously compiled applications will not run. The return error is:
"The application was unable to start correctly (0xc000007b). Click OK to close the application."

I've tried researching how to uninstall SP1: http://windows.microsoft.com/en-us/windows7/uninstall-sp1
This has not worked. All application development worked fine when building release versions before this. In fact, I can still develop successful code in my choice of IDE: QtCreator or VS2010. However, once I launch the exe (either debug or release) from the outside the IDE then things fall apart, as outlined above. Does anyone have any experience with this? I'd like a simpler solution that rebuilding my Qt libraries for Win7 SP1.

Thoughts?

ps. And 'yes,' for anyone that would ask if I've now turned off 'automatic updates' for my system.

[Kwakkie]

I suspect the update caused the application trying to use different Qt dlls? Check your environment settings.

[Pipeliner]

I suspect the update caused the application trying to use different Qt dlls? Check your environment settings.

Thanks for the reply. I checked but I don't think that's the issue since I don't think I've ever set environment variables before. I've just always included the .DLLs with the .EXE in the same directory and launched it that way. Through using QtCreator I've tried building against the C:\QtSDK (4.8.0) library set and the Q:\Qt\4.8.0 libraries and neither worked.

I recently installed the qt sdk 1.2.1 offline installer on a fresh windows 7 machine, that has SP1 installed, and I get the same error.

Right now my Qt is built with all default settings so I think this means that it's using dynamic libraries instead of static libraries.

=== EDIT ===
http://qt-project.org/doc/qt-4.8/install-win.html
Kwakkie: I did a little more research and found that setting the environment variable did fix the problem. Thank you!
The problem is solved.

Added after 4 minutes:

Very bizarre that my environment variables would have been modified to have the Qt paths removed. Oh well... thanks again Kwakkie.