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Yes, the error message itself may help a lot.
Another thing you can try to help figure out what the problem could be is to try running the non-steam version of the game (you can download it from a link on this page: http://arcengames.com/w/index.php/avww-downloads
); your license key will work with both the steam and non-steam versions (and from anywhere else, for that matter).
Anyway, if the non-steam version works, that means the problem you're running into is probably related to the game's interaction with steam or (more likely) your particular installation from steam. If it doesn't work, then it's probably not steam-related at all.