A program that uses CTL3DV2.DLL must be installed so that the DLL is in the windows/system directory, and NOT in the application directory, or it will not run correctly.
It is tempting to copy CTL3DV2.DLL into as many directories as possible to hedge your bets. Unfortunately this is exactly the wrong thing to do: the DLL must be in windows/system, ONLY.
CTL3D.DLL is not required if you're linking with CTL3DV2.LIB: it's the old version.