Try uninstalling all BLIde versions, removing folder, and installing DIRECTLY BLIde 0.5.4 (don't install BLIde 0.5.0 before).
Tried that just now -- still the exact same error.
I'm using a fully up-to-date Windows XP, IE 6.whatever, US English.
As a sidenote: I *did* install in a custom folder, C:\Code\Blide rather than the default one... But wiping it completely and installing it in the default folder leads to the exact same error.
some more info: When pressing the 'cancel' option, I get the following error:

No idea what that is, don't seem to exist on my system?
(Also, just so we're clear: that initial pop-up window is the very first thing that pops up when launching blide 0.5.4 -- no splash screen, no module scanning, nothing)