Windows XP is no longer supported by Microsoft. Please see this post: Important information for Windows XP users.
Yes. You need Microsoft Visual C++ 2008 SP1 Redistributable Package.
For 32-bit Windows: http://www.microsoft.com/en-us/download/details.aspx?id=5582
For 64-bit Windows: http://www.microsoft.com/en-us/download/details.aspx?id=2092