This appears to be the same problem:
http://www.steinberg.net/forums/viewtopic.php?p=252455
But I don’t think it’s a problem unique to Wavelab installers. A lot of other program installs have the same error message, and the problem I’ve generally seen noted is a corrupt Windows system file crtdll.dll. So I think it’s probably worth running the Windows system file checker. Use the System File Checker tool to repair missing or corrupted system files - Microsoft Support to see if your crtdll.dll is reported as corrupt. I’m not sure if the scan will fix it or just report it as corrupted. But I’d be interested to know what you find.
If that’s the problem and system file checker doesn’t fix it automatically, I wouldn’t fix it by downloading a replacement system file from any old website like some people in other forums.
Maybe contact Steinberg support.