Been doing a bit of googling for
do I need Microsoft Visual C++ Redistributable Package (x86)
"Programs that use the 2005 version likely can not use the 2008 version so the 2008 version will probably not overwrite the 2005 version. " click here
However it also appears that all they are is .dlls and when you install a program that needs them the program should install them. Therefore in your case I would try either installing the 2005 version or updating or reinstalling Real Player.
Gleaned the info from click here click here click here