The main (only?) problem is compatibility between different versions of Msvcr71.dll. Let's say 7.10.0 is slightly incompatible with 7.10.1 and an application App1 depends on the old behavior and an application App2 depends on the new behavior. Additionally both applications do not ship this C++ runtime itself. In this case one of the two applications will fail.
How often are those cases? I don't really know, but I'd say they are seldom.
Depending on the differences between msvcr71.dll versions an application would fail to start or a particular feature would not work.
Another good solution: own PATH for each application. For example, you could write a batch like this:
PATH=c:\PathToMSVCR71.DLL_Version_7.10.0
myapp1.exe
This way you can reuse the same DLL in multiple applications and update it easier.
EDIT
It is almost impossible to estimate the danger of a version collision especially as you have not mentioned the applications you use. That is why I have searched for all the different versions on my PC (Windows 7/x64). I have found the following files:
All the files are just copies of these two: 7.10.3052.4 and 7.10.6030.0. 7.10.3052.4 is also what dll-files.com offers.
I have also compared the output of dumpbin /imports /exports msvcr71.dll
for these versions and neither exports nor imports have changed (as expected).
Best Answer
How do I install the missing
api-ms-win-crt-runtime-l1-1-0.dll
?This DLL is part of the Update for Universal C Runtime in Windows:
The above link includes full installations instructions, which depend on exactly which version of Windows you have installed.