First, that's not a good title for your problem.
Second, what's going on? Is it saying "Emulation could not start: plugins could not be initialized" or so?
If it does, you probably have some sort of configuration problem (Wow, wouldn't that be a surprise) and if so, go to "Options->Configure xxx" and try messing with various settings. Someone else may have a more precise / accurate idea, but with such little information about the problem that is hard to believe.
I'd suggest you post more information: Specs of your PC, Version of Project64, What you're trying to do (in detail) and what's going wrong (in detail)
