All security software ( Windows Defender, Spyware Blaster, and installed
AV ) were temp disabled.
Even attempted an install from MU.
All attempts to install fail.
The WindowsUpdate.log shows this for both updates :
transaction error = 0x8024200b, MSI result = 0x80070643
The OHotfix_Msi.log shows :
MSI (s) (90:F0) [12:14:32:505]: Product: Microsoft Office Excel Viewer
2003 - Update 'Security Update for Excel Viewer 2003 (KB918425): XLVIEW'
could not be installed. Error code 1603. Additional information is
available in the log file
D:\DOCUME~1\MOWGRE~1\LOCALS~1\Temp\OHotfix\OHotfix (00006)_Msi.log.
Attempted to Repair both Viewers by running the .msi's located in
WINDOWS\Installer. Repair failed.
Ran a Repair from the .msi's in the MSOCache folder and the Repairs were
successful.
So, it appears that something is amiss with the Transform.
Ran Filemon during one of the attempted installations and captured a 5
MB log to go over.
Isn't this fun ?

Have posted this to an email list where Softies are subscribed so that
they aware of the issue.
MowGreen [MVP 2003-2006]
===============
*-343-* FDNY
Never Forgotten
===============
Robin Walker [MVP] wrote:
> MowGreen [MVP] <> wrote:
>
>
>>I've got an installation failure for Microsoft Security Bulletin
>>MS06-037 Vulnerabilities in Microsoft Excel Could Allow Remote Code
>>Execution (917285) (Excel Viewer 2003- KB918425).
>>The install error is 1603.
>>This update was NOT offered at Windows Update but, was indicated as
>>needing to be installed by running MBSA.
>>System is XP Pro SP2 fully updated.
>>Disabling all security software did not resolve the installation
>>issue.
>
>
> These updates need to register with Internet Explorer as Extensions or BHOs,
> so make sure that there are no special security settings surrounding IE that
> might prevent this.
>
> If you have Visio Viewer, try uninstalling that.
>
> If nothing else works, uninstall the viewers, and re-install the latest
> versions by download from MS, and then try updating the fresh installations.
>