Thank you very much. You're on Win7, so give these a try:
Make certain you've got .NET 3.5 SP1 enabled
Control Panel -> "Turn Windows Features on or off" -> "Microsoft .NET Framework 3.5.1" is checked
Start the WoWclient in Admin mode
Right-click on WoW -> "Run as Administrator"
Make certain the WoWclient is running in windowed mode (not fullscreen)
Make certain the WoWclient is running in DirectX9 mode (not DX11)
In WoWclient, Escape -> Options -> Advanced -> Graphics API -> select "DirectX 9".
Restart the WoWclient in Admin mode if you changed it.
Log in on the toon you want to play
The toon must be standing in the game world before you launch HB.
Start Honorbuddy as Administrator
Right-click on HB -> "Run as Administrator"
If these don't help, Tony or others might have some additional ideas.
i had this problem on my old computer, if you have virus protection on your computer some of them will block honorbuddy for some reason. Try to add an exception to your virus protection program for the honorbuddy.exe or the entire honorbuddy folder other than that make sure you run both WoW.exe and Honorbuddy.exe as admin ( Right click > Run as Administrator )