I found a solution, or rather the cause of why SetKeys refused to launch: you need DotNet Framework on your PC in order to run SetKeys. You can download today-latest version from here:
http://www.microsoft.com/downloads/d...d-aab15c5e04f5
(it's recommended to always check for newer version, however)
Thanks to GlobalExplorer who incidentally and unknowinlgy helped me to solve the problem.