If you get an error message you don't understand, google it:
FAE Stop Working - Google Search[
^]
It would appear you aren't the first to get this, and the consensus is that at least one of the DLL files your code (or more likely a component your app uses) is missing or unregistered.
Which one? Don't know ... but then, I've never tried to use "free Audio Editor".
I'd go back to where you got it, and ask there - you will get a bigger pool of people who know what you are talking about and may have meat this already.