LASR doesn't use a waterfall proceedure, so this one is just as fun as a barrel of monkeys.

If you installed GoPro software on your machine, and then uninstall it, the GoPro uninstaller deletes windows system files that it shouldn't and also sometimes leaves behind files it shouldn't. The waterfall proceedure error is because LASR couldn't find the neccessary files that it needs, and instead tries to read the wrong files that the GoPro uninstaller left behind.

There is a few different fixes for this available here: http://www.sevenforums.com/software/296070-no-dll-were-found-waterfall-procedure-finally-solved.html