I have contacted ETAP and they told me the solution but still it needs uninstall/installation.
1. Copy the u2lstrng.dll and u2lsqrt.dll files from etap program directory to c:\program files\common files\business objects\3.0\bin directory.
2. If the above solution does not work go to control panel and repair ETAP
3. If it still does not work uninstall and install ETAP.
Good luck and I bet you, the solution is install and uninstall so approx. 1 hr of your day will be lost just because of stupid software errors.