XNA does a bunch of silly things with the .NET framework. Usually doing these steps will fix any problems you have launching the game:
1. Do an integrity check to make sure the game was downloaded correctly.https://support.steampowered.com/kb_article.php?ref=2037-QEUH-3335
2. Try uninstalling the required .NET framework (.NET 4.0 and XNA 4.0). The uninstall step is important, if you just install a new version of .NET it might not do anything. I think a problem some people are having is sometimes the .NET installer detects .NET on the computer so it doesn't install the prerequisite and if their version is messed up, it doesn't work because the installer sometimes will not install over top of the corrupt version.
If you're having a hard time uninstalling .NET you can use this tool. Download and run this tool to remove all versions of .NEThttp://blogs.msdn.com/cfs-file.ashx/__key/CommunityServer-Components-PostAttachments/00-08-90-44-93/dotnetfx_5F00_cleanup_5F00_tool.zip
Then download and install this to put a fresh version of .NET 4.5:http://www.microsoft.com/en-us/download/details.aspx?id=30653
3. If that doesn't work you can try installing these, but remember to uninstall the old .NET first.
.NET 4.0 Framework: http://www.microsoft.com/download/en/details.aspx?displaylang=en&id=17851
XNA 4.0 Redistributable: http://www.microsoft.com/download/en/details.aspx?id=20914
DirectX 9.0c: http://www.microsoft.com/download/en/details.aspx?id=35
4. Find the .exe file under the commons folder, right click, and select "run with graphics processor". The .exe file can be found here.
C:\Program Files (x86)\Steam\steamapps\common\One Finger Death Punch
5. Have we tried deleting the save file? It can be found here.
C:\Users\*username*\Documents\SavedGames\One Finger Death Punch\Game_Save\Player1
6. This game uses a HiDef Game Profile which is visual studios thing that implements restrictions which makes it so the computer can use larger textures. However older computers might have video boards that don’t support this. Your computer needs a directX 10 capable video card.
7. We're not 100% sure, but we believe there could be problems accessing the game save file if you have Steam installed on a partitioned drive other than the C: drive. We're still looking into this but I thought I'd mention it. If you have One Finger Death Punch running on a disk drive other than the C: please let us know so we can confirm this isn't a problem.
8. From what I've heard the Family Sharing feature that Steam is working on has caused some problems. It can prevent you from playing the game on your account. This is something to note if you're using the Family Sharing feature.
If this doesn't solve your problems please post and we'll try to figure it out together.