Same exact issue for me. Program has been working wonderfully (testament to our awesome cheathappens team) until yesterday, or the day before I noticed that upon activation, the "activated/deactivated" sound files are spammed until I close the trainer. I'm also running win7/64. If anyone has found a solution or procedure to remedy this issue please link/reply response muchos gracias.
This is because .NET does not carry all the previous stuff of the older releases. If you need something that requires version 4, you MUST have version 4 installed (4.5 won't work). Same thing goes for the older versions (if you have something that requires version 3, 3.5, 2, etc, you MUST have the respective versions of .NET installed). The only exception to this are service packs (denoted with .NET 4 SP1 or something similar).