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There are situations where a program would display an error of the type "Libeay32.dll Not Found" or "This application failed to start because libeay32.dll was not found. Re-installing the application may fix this problem." I had this problem with SpeedFan, for example, which would display this error on startup, but then start without a hitch after closing the popup. There are a lot of solutions on the net, but the safest and quickest (for Speedfan and probably most other programs) is to do the following:
  1. Obtain a copy of the libeay32.dll file
  2. Copy the file in the Speedfan folder in Program Files
  3. Restart Speedfan
. You might prefer to reinstall the offending program, which is probably the best general solution, but you could lose some custom configurations or data or, as in the case of Speedfan, it might not work!

As for the obtaining, you probably have several copies of the library on your computer anyway. Just search for it in Program Files, I had a bunch of them and chose the one that was newest. You could copy the file thus found in Windows\System32, but that would not be the best idea, as it might interfere with all programs looking for the library, so it is safer to copy it only in the folder of the program that causes the error to occur.

For an explanation, I understand libeay32 is an OpenSSL library, something that is free, open source and used for Secure Sockets Layer - a protocol widely used on the Internet. Therefore you will find all kinds of versions, in all kinds of bundles. It might even be a malware, in some cases, so make sure it isn't before copying it around ;) Also, the reason why Speedfan would start anyway, even without the library, is that it was used only in the context of sending secure mail, a feature I have never used.

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