i had the same problem, so I went to where it said the VersionCue file should be in my explorer. I found it in programs, then common files, then click on Adobe. in it's subdirectory, there should be a folder called Adobe Version Cue CS3. click on it and open all it's sub-directorys.
mine had...client..then a number under that, and a folder called dictionarys. if there are more than 1 folder with a number, my first was called 3.0.0, and under it was another folder called 3.1.0. I copied the 3 missing .DLL files to the folder called 3.1.0 and finally, it works perfect.
it was doing the same thing yours did. I might have done an Adobe upgrade, don't remember. but the most recent..3.1.0 didn't have any .DLL files, so I figured why not just copy and paste.
it was very easy, and i'm happy, because I have work to do!
Cheers...and I hope this helps you. it's taken me 5 months, and God stopped by today to give me a Hand. I take no credit. Hallelujah!