Problem:

After installing Microsoft Visual Studio 2005, placed the bin directory (D:MSVSVCbin) in the PATH environment variable. Then ran cl.exe. The following message appeared:

cl.exe - Unable To Locate Component
This application has failed to start because mspdb80.dll was not found. 
Re-installing the application may fix this problem.

Solution:

Search for the following files:

msobj80.dll
mspdb80.dll
mspdbcore.dll
mspdbsrv.exe

They are under D:MSVSCommon7IDE.

Copy and paste them to the folder containing “cl.exe” (D:MSVSVCbin).

Reference:

http://connect.microsoft.com/VisualStudio/feedback/details/553848/mspdb80-dll-was-not-found