Office 2003 Applications will not run

Windows XP SP2 current on updates until this last Black Tuesday batch causing all the grief.

Office 2003 Pro current on all updates

Nothing installed or updated on computer since Office applications last successful run

Now, out of the blue, all applications from Office error when calling them up. The error is:

MS Office [Application Name, i.e. Word, Excel, etc] cannot install the necessary files due to windows installer error 1634. Component not used on this computer"

Then when closing the error popup, another popup opens saying:

"Microsoft Office [Application Name, i.e. Word, Excel, etc] has not been installed for this user. Please run setup to install application."

There is only one user account on this computer which has complete admin privileges. As stated at the beginning, since the last time any of the Office Apps ran successfully, nothing has been installed or updated on this computer.

Any ideas?

Regards,