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I am not able to understand whether this problem is some permission specific or it is due to some application. I am not able to modify the settings for the same. I am getting a DCOM error. It look some of the internal component in the administrative tool is modified and causing the problem. I hope there will be some kind of component services that are causing the problem.
Had you installed SharePoint V3 on your system. If yes then you will need to open Component Services MMC console. This is simply located inside Administrative Tools. You can find IIS WAMReg Admin service. Right click on the same and simply click on properties. You can find a security tab there. Just ensure that all the option there are set as default. It is necessary that you should activate the permission and allow you modify the settings.