If you are receiving this error, please make sure that you have Microsoft .NET Framework 1.1 with Service Pack.
To do this:
Click on your pc's START. Then CONTROL PANEL. Then click on ADD or REMOVE PROGRAMS.
The list of programs installed on your pc will appear there.
If you have a different version of the .NET framework, please uninstall it and install .NET framework 1.1 with service pack 1. You can download it here.
Uninstalling any version of .NET framework that you had and installing .NET framework 1.1 should resolve this issue.