Whenever I start the newly released "Audacity Portable 1.2.4b" the splash screen pops up for a second and after that Audacity Portable kills itself.
I do controll the running processes and apps with Sysinternals' Process Explorer. 
The same thing happens on a USB stick and on my HD as well.
Other Portable Apps as Firefox, Thunderbird, Abiword, VLC ... run all well.
So what might be wrong with Audacity?
stek
System: WinXP Pro SP2
 
      
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Just go to the Audacity website and download the newest version. I think it is 1.30 Beta and it comes in a zip file without an installer (scroll down the page and look for the file). I am using and it works fine. Maybe this version will work for you.