OK,
I need to write up a quick note I can repost repeatedly to anyone having this problem:
Can those of you who fixed this please tell me if this is correct:
Update from .32 to .33
PR unable to start.
You will see the error message below:
UNable to detext required dependency
C++ Redistributable 2012 Update 1 x64

To fix this:
Click on the link in the error message window.
Click the big blue button to install UPDATE 3.
Install the patch 3 x86
REInstalled (repaired) the patch 3 x86
Installed the patch 3 64
REinstalled (repaired) the patch 3 64
You should restart Windows at this point.
Start PR.
In practice if you have 32 bit Windows:
you only need to download, install and repair patch 3 x86
In practice if you have 64 bit Windows:
you only need to download, install and repair patch 3 x64
For general safe computing you should however download, install and repair both x86 and x64 for 64 bit Windows.
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Does that sound correct?