To resolve this issue, use one of the following methods, as appropriate for your situation. Then, try to install the 2007 Office program again.
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Method 1: Repair the Microsoft .NET Framework version 2.0 installation
To do this, follow these steps:
Click Start, click Control Panel, and then click Add or Remove Programs.
In the Currently installed programs list, click Microsoft .NET Framework 2.0, and then click Change/Remove.
Click Repair, and then click Next.
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Method 2: Install the .NET Framework version 2.0
If a version of the .NET Framework is not installed on the computer, install the .NET Framework version 2.0. To do this, visit the following Microsoft Web site:
http://www.microsoft.com/downloads/details.aspx?FamilyID=0856eacb-4362-4b0d-8edd-aab15c5e04f5
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Method 3: Reinstall the Microsoft .NET Framework version 1.1
If the .NET Framework version 1.1 is installed, remove it, and then reinstall it.

To remove the .NET Framework version 1.1, follow these steps:
Click Start, click Control Panel, and then click Add or Remove Programs.
In the Currently installed programs list, click Microsoft .NET Framework 1.1 and then click Change/Remove.
Click Yes to uninstall the .NET Framework version 1.1.
To reinstall the .NET Framework version 1.1, visit the following Microsoft Web site:
http://www.microsoft.com/downloads/details.aspx?FamilyID=262d25e3-f589-4842-8157-034d1e7cf3a3
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APPLIES TO
Microsoft Office Basic 2007
Microsoft Office Enterprise 2007
Microsoft Office Home and Student 2007
Microsoft Office Professional 2007
Microsoft Office Professional Plus 2007
Microsoft Office Standard 2007
Microsoft Office Ultimate 2007
Microsoft Office Access 2007
Microsoft Office Excel 2007
Microsoft Office InfoPath 2007
Microsoft Office OneNote 2007
Microsoft Office Outlook 2007
Microsoft Office PowerPoint 2007
Microsoft Office Project Professional 2007
Microsoft Office Project Standard 2007
Microsoft Office Publisher 2007
Microsoft Office Visio Professional 2007
Microsoft Office Visio Standard 2007
Microsoft Office Word 2007

Tekið af http://support.microsoft.com/kb/926804