The key to your problem is finding out which HRESULT is meant by "-2147221008". You can use Win32::OLE::HRESULT() for that.

To make a long story short....

use strict;
use Win32::OLE qw(HRESULT);
use constant CO_E_NOTINITIALIZED => 0x800401F0;

my $result = -2147221008;

if (HRESULT(CO_E_NOTINITIALIZED) == $result) {
    print "Eureka! The problem is CO_E_NOTINITIALIZED\n";
}
[download]

So the answer is, you must call CoInitialize() first before calling CoInitializeSecurity()...

And yes, this appears to work fine:

use strict;
use Data::Dumper;
use Win32::API;

print "Setting COM security\n";

# CoInitilizeSecurity defined : 
# http://msdn.microsoft.com/library/default.asp?url=/library/en-us/com
+/htm/cmf_a2c_8ayh.asp

my $CoInit = Win32::API->new( "OLE32.DLL",
                "CoInitialize",
                              # input prototypes
                              # 1 P, # reserved
                              "P",
                              "N",  # return
                             ) or warn "Can't get DLL";

my $CoInitSec = Win32::API->new( "OLE32.DLL",
                              "CoInitializeSecurity",
                              # input prototypes
                              # 1 P, # Access perms
                              # 2 N, # num of els in asAuthSvr
                              # 3 P, # array of auth services
                              # 4 P, # reserved
                              # 5 N, # default auth level
                              # 6 N, # proxy impersonation level
                              # 7 P, # sole auth list 
                              # 8 N, # add'l capabilities
                              # 9 P, # reserved
                              "PNPPNNPNP",
                              "N",  # return
                             ) or warn "Can't get DLL";

my $NULL = 0;
my $RPC_C_AUTHEN_NONE = 0;
my $RPC_C_AUTHEN_LEVEL_NONE = 1;
my $RPC_C_IMP_LEVEL_IMP     = 3;
my $EOAC_NONE = 0;

my $result1 = $CoInit->Call( $NULL );

if ($result1 != 0){
  warn "Oops: ", Dumper($result1), "\n";
}

my $result2 = $CoInitSec->Call( $NULL,
                            0,
                            $RPC_C_AUTHEN_NONE,
                            $NULL,
                            $RPC_C_AUTHEN_LEVEL_NONE,
                            $RPC_C_IMP_LEVEL_IMP,
                            $NULL,
                            $EOAC_NONE,
                            $NULL,
                           );

if ($result2 != 0){
  warn "Oops: ", Dumper($result2), "\n";
}

print "done\n";
[download]

I should add, it's probably more correct to pass in "undef" for a null pointer instead of your $NULL, because otherwise Win32::API might be passing a real valid pointer to the perl SV containing an integer zero.