Error 1706 - Setup cannot find req'd files...

My system runs Windows XP and i have Office XP installed. Everything was working fine by now. Don't know what went wrong with Office XP suddenly. whenever i am trying to open it now i get an error message saying:

Error 1706 - Setup cannot find required files. Check your connection to the network, or CD-ROM drive. For other Potential solutions to this problem see C:\Program Files\Microsoft Office\Office 10\1033\SETUP.HLP"

What can i do to get rid of this error message??

You might have installed some update or security patch. If yes, then go through the below article to get better idea of why are you getting that error message.

Service packs, updates, and security patches may require the Office XP CD-ROM

If you have any query further then you can let me know, ill try my best to help out, best of luck.