Before entering the world of speedrunning I was trying to get LiveSplit to work since it seems to be the best option.

I have another timer but it is just barebones compared to LiveSplit, which the people I follow on twitch use as well.

I downloaded LiveSplit 1.6.8 from their website and extracted it to three different locations (C drive, internal storage drive, and an external drive). Every time I try to run it on Win7 I get the same error:

"Livesplit has crashed due to the following reason: Exception has been thrown by the target invocation."

Google wasn't much help besides suggesting a hotfix for NetFramework 1.0. I installed NetFramework 4.5 when I downloaded XSplit. I use OBS now. I still haven't done a real stream yet on twitch but I am convinced I should use OBS and LiveSplit.

Has anybody experienced this error with LiveSplit before?

You may also need to install the .Net 3.0 framework. Was the 4.5 install from XSplit, or did you download it separately? If it wasn't a separate installation, try a separate installation. Many programs pack just the essentials for the program and nothing more.