Verify that you have the following
1. Excel 2003
2. PIA's intalled (.Net Programmability support) as part of Excel
If every thing is good.
If you have .Net 1.1 or previous versions installed, and if you don't need it, try un-installing them, below is the list of candidates to consider
1 - Microsoft .NET Framework 1.1
2 - Microsoft .NET Framework 1.1 Service Pack 1 (KB867460)
3 - Microsoft .NET Framework SDK (English) 1.1
4 - Microsoft .NET Compact Framework 1.0 SP3 Developer
Then please re-pair "Microsoft Visual Studio 2005 Tools for Office Runtime" from your Control Panel -> Add/Remove Programs
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