You can write a simple program to test all the prerequisites before your application installed.
You can also use a setup project to deploy your application and run the program in the Custom actions in this setup project.
There are several references on this issue:
Setup Project Deployment in VB.NET 2005 - Part I http://visualbasic.about.com/od/usingvbnet/a/SetupProj01.htm
Setup Project Deployment in VB.NET 2005 - Part II http://visualbasic.about.com/od/usingvbnet/a/SetupProj02.htm
Walkthrough: Creating a Custom Action http://msdn2.microsoft.com/en-us/library/d9k65z2d(VS.80).aspx
Custom Actions Management in Deployment http://msdn2.microsoft.com/en-us/library/bbd7cck3(VS.80).aspx
Custom Actions Editor http://msdn2.microsoft.com/en-us/library/xf0t1593(VS.80).aspx