Longshot... but it might actually be an issue with missing Visual Studio/Visual Basic files. Seen it happen before.

Have you hit Windows Update and made sure that you have not just your critical updates current but also some optional things like your .Net's are up to date? Check for both the 3.x and 4.x releases--run them in separate passes, starting with 3.x first, reboot, then go back and run updates for 4.x. There have been problems in the past if you run them all at once (presumably because of deprecation that occurs moving from 3.x to 4.x).

There may even be some updates for Windows Media Player as well you may want to grab (it may install some of the offending components as well).

If after all that it still fails to move forward, might want to look for any options updates listed for the Visual Studio lines (may be references to just VC, VS, or VB runtimes and such).

Last resorts you could try running system file checker (run CMD prompt as Admin, then run sfc.exe /scannow) to see if it detects any corrupt/missing files, or do a repair install of Windows before doing a complete overwrite.