I'd generally discourage copying GLEW .dll files into system directories.
I recommend putting the .dll in the same directory as the application .exe or .dll that is using it.
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Nigel Stewart is right.
With me it works IF AND ONLY IF glew32.dll is located in the same folder as the *.exe file of my project (the one generated by the compiler, MS Visual Studio 2010 Express).
I really tried every other solution I found on the web but none of them worked.
Sounds slightly insane, but this seems to be the only option.