I found out what the problem was: apparently, some of LL's pre-built libraries are dependent on old VC runtimes, and when I updated my build system to the latest VS2005 libraries, it built binaries of the viewer with references to both the old runtime version and to the new one, meaning that if you had only one version installed (i.e. the latest vcredist.exe *not* installed), the *stupid* OS that Windows is refused to launch the viewer (although it could simply use the latest installed version on your system since the libraries got no change at the ABI level)...
I downgraded my build system to the former VC libraries and recompiled v1.25.0.33, then tested from scratch (using VirtualBox VMs), with unpatched WinXP SP2, WinXP SP3 and finally fully patched/updated (including with the latest vcredist.exe) WinXP SP3. It now works fine again...
You can grab CoolVLViewer-1.25.0.33b.exe from the download section of the website.
They are the redistributable runtime libraries for Visual C++.