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Unable to Locate Componet:
This application failed to start because d3dx9_27.dll was not found. Re-install the application may fix this problem.

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The machine I'm trying to run it on is currently using WinXP SP3 with DirectX 9.0c.

Any help resolving this would be appreciated.
This question / problem has been solved by pds41image
Have you tried reinstalling DirectX?
Definitely sounds like a DirectX problem. Make sure you reinstall directX - download the latest version from Microsoft. I do not recommend that you download the DLL from another site.
Thank you Total-MAdMaN and pds41.

Re-installing Direct X was indeed the solution.