It does require .NET 4.0 installed.
If the error is due to a problem with the application itself, there should be a log file I can look at. You can find any log file at (for Windows 7):
C:\Users\<username>\AppData\Roaming\Russ Judge\ArtemisModLoader\application.log
where "<username>" is your username you used for logging into Windows.
The location for Windows XP will be different, and I can provide that if you are running Windows XP.
If you can get that log file, you can email to russjudge <at>
gmail.com