You'll get the error "No Windows PowerShell Snap-ins are available for version 1" if there are no snapins installed for PowerShell v1. But the tricky part is that more precisely you'll get this error if there are no snapins installed for v1 for the platform you're running on.
So you'll get this error if you are in a 32bit powershell console and you try to call add-pssnapin on some snapin that builds or installs itself only for x64 (like the Exchange Management Snap-in). You'll get the same if the opposite is true and you try to add a snap-in that builds or installs itself as 32bit from the 64bit console. Even if the snap-in is built for the correct platform, it has to install itself to the correct place in the registry for PowerShell to locate it.
Alternatively, if you do have some snap-ins installed for that platform, just not that specific snap-in, you'll get: