Would have Edit'd but my window was open for too long, just updating my post above.
When I turn Spybot's "Live Protection" OFF I no longer recieve the error and everything runs flawlessly like it used to.
So your 'Error 217' has something to do with your "Live Protection".
I know this thread is old but I wanted to say thanks for the tip. After unticking the check mark next to "Scan programs before they start" I stopped encountering the error "Runtime error 217 at 500E8338".