I am using the MagicLibrary
for a few components. I knew it was written in Visual Studio 2003 and recompiled it in Visual C# Express 2010. It compiled just fine
Check that you are using the .Net 4 framework and not the client profile version
You find that setting when you right-click on your project, choose properties. And under application there is a setting for target framework. If you have chosen the .Net 4 framework Client Profile, then this behavior that you described can happen