Error 1053: The service did not respond to the start or control request in a timely fashion (4240177)

While trying to start the Archive Manager services in Services.msc, they fail to start with the error:

"Could not start the Archive Manager <servicename> service on Local Computer.
Error 1053: The service did not respond to the start or control request in a timely fashion."

It will also generate an Event Viewer entry:

Event Type: Error
Event Source: .NET Runtime
Event Category: None
Event ID: 0
Date: 12/28/2007
Time: 11:08:54 AM
User: N/A
Computer: <Computername>
Description:
The description for Event ID ( 0 ) in Source ( .NET Runtime ) cannot be found. The local computer may not have the necessary registry information or message DLL files to display messages from a remote computer. You may be able to use the /AUXSOURCE= flag to retrieve this description; see Help and Support for details. The following information is part of the event: .NET Runtime version 1.1.4322.2407- Archive Manager <servicename>.exe - Common Language Runtime Debugging Services: Application has generated an exception that could not be handled.

Process id=0x13b0 (5040), Thread id=0x13b4 (5044).

Click OK to terminate the application.
Click CANCEL to debug the application..