When getting the error: Java Runtime Environment is not installed on this machine
1). Locate the asdm50-install.msi file and open it with 7zip
2). Extract all the jar files to a directory on your PC
3). Write a bat script to launch the ADSM application
"C:\Program Files (x86)\Java\jdk1.6.0_13\bin\javaw.exe" -Xms64m -Xmx512m -Dsun.swing.enableImprovedDragGesture=true -classpath lzma.jar;jploader.jar;asdm_launcher.jar com.cisco.launcher.Launcher
Note: You can look at the file asdm_launcher.config1 within the msi to see the specific arguments for the bat file. Also you may need to experiment with different versions of Java. For me the 32bit version of Java 6 was the only one that worked.