Have you downloaded and installed java?
when have you last updated it? It might or might not update automatically
If it's old, just uninstall it and download 64 bit java only. 99% of time you have no use for 32 bit java. (only reason to use it is if for some reason, your windows is still 32 bit)
are you using latest minecraft launcher that should automatically download java for it's own use.
Another possibility is of course that for some reason too aggressive firewall/anti-virus is blocking java from running as security issues about java are.. well.. common. (this is far less likely than problems with above yes/no questions)
I have downloaded and installed Java yes, I have had it for years. I updated my Java today hoping it would fix the problem but it did not since it wasn't long ago I updated it.
I am using 64 Bit Java.
I did re download the msi.minecraft launcher again today aswell.
Firewall is not blocking Java either...
Well, googling the error message opens a whole can of worms. It could be anything to everything and fix might be similar.
Common things to try are:
Run CCleaner and let it fix anything java/registry related.
Have you tried running it manually? Does it crash on loading the launcher or minecraft itself?
java -jar %appdata%\.minecraft\launcher.jar