Error launching LiteSpeed console: "Cannot find the function xp_sls_regread in the library xpSLS. (63280)

When launching the LiteSpeed console, the following error is thrown:

Cannot find the function xp_sls_regread in the library xpSLS.dll.  Reason: 127 (The specified procedure could not be found.).

Corrupted LiteSpeed DLLs/procedures or instance configuration has not been run against the SQL instance.

1. Close the LiteSpeed console
2. Go to Start | All Programs | Quest Software | LiteSpeed for SQL Server | Instance Configuration
3. Select "Install" as the action for the SQL instance
4. Complete the Wizard