Borderlands unable to launch

I have Borderlands for PC which I purchased NOT from Steam. It worked a couple months ago but I reformatted my PC and now it does not launch after installation. Installation works fine and I tried reinstalling it a few times but it still will not launch when I try to launch it. It just shows that it is preparing to launch with the cursor showing that it is working on opening it but 5-10 seconds into it, it just stops. The Task manager shows that the Borderlands.exe process is opened after I try to launch it, but it automatically closes after 5-10 seconds. What is causing this? I just want to play.

Here are my system specs:
• Intel(R) Core(TM) i7-920 processor (2.66GHz, 1MB L2 + 8MB shared L3 cache with QPI Technology)
• 8GB DDR3-1066MHz SDRAM [4 DIMMs]
• 640GB 7200 rpm SATA 3Gb/s hard drive
• 1GB ATI Radeon HD 4650 [DVI, HDMI, VGA]

And I have Windows 7 64bit

First of all, is it a legal copy? There was a user with an issue similar to this with a pirated game. Also, does this happen with other games as well?

No it is not a pirated copy. My other games work fine. It worked fine before so I don't know why it doesn't work anymore.

Nevermind. Fixed

Hey, I'm having this exact same problem, could you please post how you fixed it? :)

In case the fix doesn't work or you need other ideas - Tips on Troubleshooting Game Issues