My guess is that you are using the 4.0 or 4.5 framework?
If so, then you must edit ArcMap.exe.config and uncomment the 4.0 line near the top.
Here is an extract from my config file:
<?xml version="1.0" encoding="utf-8" ?>
<configuration>
<startup>
<supportedRuntime version="v4.0.30319"/>
<supportedRuntime version="v2.0.50727"/>
</startup>