Unable to install MS Office because of error 1935...please help asap...?

Whenever I try to install MS Office I get the following error:

Product: Microsoft Office Home and Student 2007 -- Error 1935.An error occurred during the installation of assembly component {97F81AF1-0E47-DC99-A01F-C8B3B9A1E18E}. HRESULT: 0x8007054F. assembly interface: IAssemblyCacheItem, function: Commit, assembly name: Microsoft.VC80.ATL,version="8.0.50727.42",publicKeyToken="1fc8b3b9a1e18e3b",type="win32",processorArchitecture="x86"

I really need to install that. Also, if I try to install Open Office 3.1 then I got the error same as this with slight difference but the root cause I think is same behind both issues...

Update:

Whenever I try to install MS Office I get the following error:

Product: Microsoft Office Home and Student 2007 -- Error 1935.An error occurred during the installation of assembly component {97F81AF1-0E47-DC99-A01F-C8B3B9A1E18E}. HRESULT: 0x8007054F. assembly interface: IAssemblyCacheItem, function: Commit, assembly name: Microsoft.VC80.ATL,version="8.0.50727.42…

I really need to install that. Also, if I try to install Open Office 3.1 then I got the error same as this with slight difference but the root cause I think is same behind both issues...

My operating system is Windows 7 so if you are gonna tell me then this is happening because of .NET Framework then sorry to say Windows 7 has everything built-in(I can't do modification). I've searched many sites, still hoping from you...

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