Problems Installing Colorbox Module "Requires: Libraries (2.x) (incompatible with version )"
It should just happen when the Libraries API doesn't contains the version line in libraries.info. That would explain why the message doesn't report the Library API version.

I made a test on my test site. On the .info file for a custom module I added the following line.

dependencies[] = libraries (2.x)


In the libraries.info file, I removed the following line.

version = "7.x-2.0+5-dev"


When I visited the module page, I saw the following message for my custom module:


  Requires: Libraries (2.x) (incompatible with version )




I thought it would happen when the installed module was a development snapshot, but it's not true. If I add the line I removed, all back to normality, even if I installed the development snapshot of the Libraries API module.



If you copied the Libraries API files from a Git repository, the libraries.info file is missing the version line, and that would explain the message error you see.  

Removing the version from the dependency line is fine, as long as you don't install the Libraries API module 1.x by mistake.