This error means that there is a dll conflict on your Windows system, typically a 32-bit dll incorrectly being used as 64 bits.
The one we suggest you be to install this (Visual C++ Redistributables 2012 x64):
Alternativaly you can try to activate the game directly through here:
...\Outlast\Binaries\Win64\OLGame.exe
If that doesn’t work though unfortunately you may need to contact a computer technician to get that fixed.