Use the link above to download the versions below.
Download this version for 64bit Windows
vcredist_x64.exe = 64-bit
Download this version for 32bit Windows
vcredist_x86.exe = 32-bit
This issue specifically fixes issues where you cannot load MWLL correctly and Crytek loading screens rather than MWLL show at launch.
This is an update from Microsoft to the C++ compiler that requires a new DLL on everyone's system. Since this is intalled depending on certain games you have, you may or may not have this issue if you've never had a game that needed it to be installed. This is an issue we did not cause, but now know about, and can offer a solution for.
This will be also be available via AutoUpdater as of tomorrow (12/30/10) but this is an immediate, and direct link to this solution