My game will not get past the splash screen as I am having this error can anyone help

Try to to delete your local game saves. Here’s how:
From Start -> Run (or Start -> Search programs and files if you’re on Vista or Windows 7), type %appdata% and press Enter.
Browse to runic games\torchlight.
Delete the following directories: save, savebackup

Two more things you can try:

- Download and (re-)install DirectX 9 Redistributable
http://www.microsoft.com/en-us/download/details.aspx?id=8109
Run and extract it to an extra folder and then start dxsetup.exe for installation.

- Try using OpenGL for graphics processing.
Find the file settings.txt. On Windows 7 it's usually in \Users\%USERNAME%\AppData\Roaming\runic games\torchlight
Open it with a text editor and change the entry

OPENGL :0

to

OPENGL :1

(Make a backup of settings.txt before you change anything.)