i saw your couple posts that are related. I havent used the emu, so i do not know. but if your determined to get it working, especialy if perhaps it worked for you in the past on a different windows version, here are some random things to possibly lookinto, that may or maynot help..
first are you sure your using an offical non corrupt emu version? If a hash for the exactuable is provided from the developer website, i always try and at least run it against your download version. Its not full proof but its better than nothing.
I don't know how old the emu is, but if it is old. it may perhaps not account for permission settings, maybe it needs Admin Access Rights to certain system files to run correctly? In windows 7 i think there is also another layer of permission settings added to the system called UserAccountControl (UAC). I'm not as familiar with win7, so i don't know if simply loggin into the Admin account to test run the emu app would rule that out or not. Im sure google can answer UAC questions tho.
I maybe mistaken but i think, the D3dx9.dll's from older versions of DirectX do differ slightly from the newer dll's even tho they are packaged for backward compatability... you could try the x9 dlls from a 2009 or 2010 redistributable package from the offical microsoft download site, or which ever year perhaps is closest to the Emulator Development year. I believe at the command prompt you can run "regsvr32 -u C:\Insert\proper\path\name.dll" to unregister a dll, and same thing WITH OUT the "-u" to register a replacement dll.
There is a setting in the advanced display properties for the system Graphics card on some computers, that allow you to set the D3D bit flipping policy setting. I don't know if that error relates to the setting or just looks similar, but if you have the setting, perhaps changing it may resolve the issue.. I don't know what setting it should try, so trial and error would rule it out.
EDIT: oh yeah, also if your using a 64bit windows version.. Im not as familiar with those either, but I believe they have different path designated for 64bit apps VS 32... since I assume its a 32bit app, make sure you have it in the right place to run it in 32bit mode.