here is some information to understand my situation better.
OS: windows 8.1
IDE: Visual Studio 2008 Pro
Language: C++
i have just my Firefox
Entered the answer in another place, but figure it could be helpful for folks who badly need some help:
It has been mentioned in other answers that using dependency walker is the way to go, in my case (my application keeps failing with the error code), dependency walker showed a few dll that are NOT relevant!
Finally figured out that I can run profiling by going to "profile" menu and it will run the application and stop at the exact dll that's cause the problem! I found out a 32bit dll was picked because of path and fixed it.