While this is a new error that we haven't seen before, here is something to try:
There are two user directories (with your parts and the parts database) which don't get touched during an install (to not affect your sketchs during upgrades). On Windows they are in
c:\users\username\AppData\Fritzing\roaming\Fritzing (which is a hidden directory so you need to enable hidden directories in explorer) and
c:\Users\username\My Documents\Fritzing (where username is your windows id)
If you don't have any parts or sketches you want to keep you can just delete those two directories and Fritzing will receate them, or you can move them aside by renaming them if you wan to keep something in them.
I suggest deleting those two directories and then retry the install. If that doesn't fix it, search the forums for "dll" as Frtizing needs the C runtime libraries installed. It is possible you have a runtime version that won't work with Fritzing and installing one of the ones known to work will fix the problem (although the usual message is missing dll, not bad stack). It may also be useful to check that all the programs in the zip file actually got extracted without you antivirus deleting any of them. Fritzing does work fine in Win7 32bit as I have it running on an old EEEpc laptop under win7 32. As well when Frtizing starts it will go to github to download new parts. This causes it to appear to hang, and you just need to wait a long time til it completes (interrupting it is usually what corrupts the two user directories).