Hello Bob,
Thank you for posting your query in Microsoft Community Forum.
Did you make any changes to the computer prior to this issue?
The issue may occur if the Microsoft Visual C++ Redistributable Package has got corrupted and is incompatible with the printer driver. So, I would suggest you to refer to the following methods and check if the issue persists.
Step 1: Try to run the system in clean boot.
How to perform a clean boot in Windows
http://support.microsoft.com/kb/929135
Note: Refer "How to reset the computer to start normally after clean boot troubleshooting" to reset the computer to start as normal after troubleshooting.
Step 2: Try updating the system with the Microsoft Visual C++ 2010 Redistributable Package from the following links:
If your system is 32-bit (x86), then refer to the following link:
Microsoft Visual C++ 2010 Redistributable Package (x86)
http://www.microsoft.com/en-gb/download/details.aspx?id=5555
Else, If your system is 64-bit (x64), then refer to the following link:
Microsoft Visual C++ 2010 Redistributable Package (x64)
http://www.microsoft.com/en-gb/download/details.aspx?id=14632
Then try installing the driver the hp ENVY 4500 driver. Refer to the following link if you do not have any of portable installation media:
HP ENVY 4500 e-All-in-One Printer Drivers
http://h10025.www1.hp.com/ewfrf/wc/softwareCategory?os=228&lc=en&cc=uk&product=5304877#N173
Also, refer to this link from hp (link for Vista applies to Windows 7 as well):
Microsoft Visual C++ Runtime Error May Display When Installing Certain Printers
http://h10025.www1.hp.com/ewfrf/wc/document?cc=us&lc=en&docname=c01609772
You may also refer to this sample solution on HP support forums for a contemporary printer on a similar issue:
http://h30434.www3.hp.com/t5/Printer-All-in-One-Install-Setup/runtime-error/td-p/1843111
Hope this information is helpful. If the issue still persists, please post back for further assistance, we'll be glad to assist you.