Error while installing Itunes

When trying to install iTunes (64 bit) on to my Laptop on OS Windows 2007, it stops and the message "An error occurred during the installation of assembly component"Microsoft.VC80.CRT,type="win32",version="8.0.50727.4053",publicKeyToken='1fc8b3b9a1e18e3b",processorArchitecture="amd64".Please refer to Help and Support for more information. HRESULT.0x8007054F"

Can anyone help me in resolving this?