I finally got the scoop from Microsoft support and am posting it here for anyone else that suffers from the same issue:
The issue can be caused by a damaged .NET Framework component. At this time, let's refer to the following steps to troubleshoot it:
Step 1: Download Microsoft Windows Installer CleanUp Utility
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1. Visit:
http://download.microsoft.com/download/E/9/D/E9D80355-7AB4-45B8-80E8-983A48D5E1BD/msicuu2.exe
2. Save the file on the Desktop.
3. Please double click the "msicuu2.exe" file to install it on the computer.
Step 2: Remove .NET Framework
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1. Click "Start" -> "(All) Programs"->"Windows Installer Clean Up".
2. Please locate and remove all .NET Framework software.
After that, please perform the following suggestions to reinstall .NET Framework 2.0 and its updates.
Step 3: Reinstall .NET Framework Version 2.0 Redistributable Package and its updates
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Please download and install the following updates in order.
Microsoft .NET Framework Version 2.0 Redistributable Package (x86)
http://download.microsoft.com/download/5/6/7/567758a3-759e-473e-bf8f-52154438565a/dotnetfx.exe
Microsoft .NET Framework 2.0 Service Pack 1 (x86)
http://download.microsoft.com/download/0/8/c/08c19fa4-4c4f-4ffb-9d6c-150906578c9e/NetFx20SP1_x86.exe
Note: When the "File Download" window appears, please click "Save", and follow the directions to save the file on the Desktop. After downloading all the setup files, please double-click on each one to install them.
Hope that this helps anyone else that is suffering, LOL