Bioshock won't launch - "Application load error (0x03)"

[Lewk]

The game was working fine yesterday, and had made it up to Arcadia. Upon starting the game today, I immediately receive a Windows error dialog that reads:
Steam Error
"Application load error (0x03)"

I have reinstalled all the latest drivers, and re-distributables. I re-installed bioshock (removing registry keys after the uninstall with a software cleaner). All with no luck.

Any help would be very much appreciated.


System Specs:
Windows 7 Home Premium x64;
Intel Quad Core Q6600;
4 Gig RAM;
nVidia 9800 GTX;
nVidia 650i Ultra motherboard;