Install .net framework. i installed tinyxp onto a virtual machine w/ virtual box and the .net install fixed the problem (same error code).
i got .net 3.5 if it matters.

http://www.microsoft.com/NET/

Rob, the workaround i used was to download and install virtualbox and use it to install wmp10 on. I made a pretty complete guide about it on my website here
http://www.ngook.com/archives/1