Hi Subi, newb here too. I just installed DCS World for the first time and encountered the 00007 error. Broodjero's quote above did the trick.
I installed on Win8 64-bit. I had to uninstall the 2 C++ packages from Add/Remove Programs. Even though I had DirectX 11 on my PC, I let the installer put DirectX 9 in and the C++ packages.
I figured out that the installer is coded so that it has to use the DLL files of those versions of C++ and DirectX. If you don't allow it to do that, EPIC FAIL. Good Luck if you haven't got your install working yet!