1) Run the following command in Administrative Mode

regsvr32 comdlg32.ocx?

You should see a message DllRegisterServer in comdlg32.ocx succeeded

Did you perform Method 2 in Satish's post?

2) Set the properties of the Application's executable, to run as administrator

Right click on .exe file

Select Properties

Click Compatibility Tab

Under Privilege Level click  Run This Program As An Administrator

Click Apply, Ok

If the issue still persists, check for Errors in Event Viewer

See solutions given in this thread:

http://social.technet.microsoft.com/Forums/en-US/w7itproinstall/thread/8bb8f428-3c43-4b01-a909-480e265dacf2