I'm unable to start Toca 3 on my Windows 7 system. When I try to start it I get an error "The application was unable to start correctly (0xc000007b)". I've already tried reinstalling, running the game as administrator and compatibility modes but nothing seems to help.
My system is:
Windows 7 RC 64-bit
AMD Phenom II X3 720
4GB of RAM
ATI HD4770

It could be a conflict with your antivirus try to reinstall the game with your virus checker and firewall off. I would disconnect from the internet whilst you do this.

I tried this but it didn't help. I still get the same error message.

I get the same error.
Windows 7 Ultimate RC - 64bit
Intel Q9300
4gb RAM
nVidia 8800gt w/ 512mb onboard.

The Windows 7 RC, most likely it simply won't run the game. I gave up using the RC because some of my games simply wouldn't run. Even little things, like my Morrowind Graphics Extender would crash on startup and give me that error. Probably just because Windows 7 is so new and buggy. Hopefully you dual booted?

I am playing Toca 3 on Windows 7 RC 64-bit with an ATI HD3850 and it works flawlessly. Whatever the problem is, I don't think it's the fault of Windows itself. This error code is a general fault that can be caused by a variety of things.
Have you tried updating your video card drivers? ATI has officially supported Windows 7 since a few driver versions ago, and these work much better than than older, Vista-only drivers or the compatibility drivers available through Windows Update.
Have you tried running the game with your security software disabled? Toca 3 originally had StarForce DRM, so it could be the game is doing things that some programs consider to be suspicious. If that works, try adding the game's executables and/or directory to the whitelist of each security program (this might be called "trusted programs", "ignore list", or a similar name, but the outcome is the same) so that you can play without exposing your system's security.

Yes, I was using nVidia drivers from 4/30, and just went to the 5/7 drivers and had the same failure.
As per the possible AntiVirus block, I have tried with both the GOG.com folder being in Exclusions as well as just turning the whole thing off, but it still gives the same error.
I have tried in XP compatibility mode, as well as Run as Administrator, no luck.

I'm also running it on the RC -- mostly great results.
Have you tinkered with Windows Firewall?

Are you on a clean install of Win7?
Latest DirectX? VC Redistributable?

Yes, this was a clean install, not an Upgrade. Yes, latest DirectX.
I didn't have the latest VC Redistributable, but after adding it and restarting my problem persists.
One thing I've noticed is if I click the icon from the desktop, I get the 0xc000007b error. If I try to load the game through the 'Troubleshoot compatibility" option then it just never loads...but I don't see a reference to that error anywhere.

Last guess. .NET Framework?

I'm guessing ATI people are running it fine and nvidia people aren't.
Nvidia 9600GT here, doesn't work.

Well, I have an ATI HD4770 and it doesn't work.