I came across this error and managed to actually correct the problem. If you receive this error on Windows 7 only, your missing a required .Net Framework registry key.
They Key
for x64 versions
enjoy.
They Key
Code:
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\.NETFramework\]
"InstallRoot"="C:\\Windows\\Microsoft.NET\\Framework\\"
for x64 versions
Code:
"InstallRoot"="C:\\Windows\\Microsoft.NET\\Framework64\\"
enjoy.