VS 2008 & .net framework

Not sure, if this is a right place to ask, but anyway would appreciate if someone will give me solution to the following problem:

When trying to change Project Properties in Visual Studio 2008 environment, I'm getting "Failed to create .NET Frameworks PropertyGrid component. Please verify that the Common Language Runtime and .NET Frameworks are properly installed."
I googled to see how other people solved this but things they suggest doesn't really fit to my case (including running the environment with /resetskippkgs option).
Any ideas on the subject are extremely welcomed!
Thanks in advance.