Office 2007 Ultimate Setup Error 1706 - Setup cannot find the required files

I am already using a laptop installed with office 2003 Professional. Now as I wanted to Word, Excel and MS Access 2007, I installed Office Ultimate 2007 over Off2003 without removing. In the first attempt, there was an error while installing with a dialog box saying to "roll back" the installation. But later when I check my system , I saw office applications were installed in the Office 2007 folder under program files.

Now as the setup was rolled back, I had doubt and hence I tried repairing and was successful. I ran Access and Excel, both were running fine but when tried to access Outlook 2007, it gave me an error stating "Scripting is not supported" and I need to run the setup again. Though after this error Outlook started but there were various other error messages and it was working weird.

I thought to reinstall Office 2007 again but this time surprisingly there no Outlook and all its subfolders for selection. There were various other problems hence I uninstalled both Office 2003 and 2007 and thought to install them again from start. But this time when I ran the 2007 setup, every time it ended with the following error:

“Office 2007 Ultimate Setup Error 1706 - Setup cannot find the required files”

Any help please?