Installation error message on Web App

I am working on a .net project on my machine which has the following:
OS : Windows XP SP 3, Visual Studio 2008, and .net framework installed on my PC.
I was trying to install the web app it comes up with an error message:
"Could not open key: SoftwareMicrosoftASP.NET4.0.30319.0. Verify that you have
sufficient access to that key, or contact your support personnel.
OK
This error is quite new for me and I haven’t faced anything like this. I tried to reboot the machine thinking something else could be using the MSI installer, but nothing changed and it came back with the same error message.
Am I missing something in the installation?
