If you are trying to use a shortcut to launch the game, rather than navigating to the folder and clicking the exe file each time, you may be getting an error.  I'm not sure why a shortcut does not work, but if you want to launch from within Steam to make life easier, you can.

You should have these menu options at the top of your Steam interface: Steam  View  Friends  Games  Help.  

Click "Games" and then select "Add a Non-Steam Game to my Library." You can then select VotV if it appears in the suggested list (doubtful), else use the "Browse" button on the bottom left to navigate to the VotV.exe file and select it.   Now you can launch VotV from inside Steam without the error message you may get from trying to use a shortcut pointing to the exe file.

When VotV is  updated, you can right-click on the game in your Library, select Preferences, and under the Shortcut section, change where steam will look for the game  (Example for the "Start In" section --- C:\Games\VotV versions\pa08_0017\WindowsNoEditor  )  and then select the exe file for the "Target" section.  

~ Lira

Yeah, man, this will definitely solve your problem...