I was installing a binary Linux application on Ubuntu 9.10 x86_64. The app shipped with an old version of gzip (1.2.4), that was compiled for a much older kernel:
I think you're x86-64 install does not have the i386 runtime linker. The ENOENT is probably due to the OS looking for something like /lib/ld.so.1 or similar. This is typically part of the 32-bit glibc runtime, and while I'm not directly familiar with Ubuntu, I would assume they have some sort of 32-bit compatibility package to install. Fortunately gzip only depends on the C library, so that's probably all you'll need to install.