I am Vinod. I will try my best to help you resolve this issue.
A complete uninstall and reinstall of itunes and its components may resolve this issue. Let's use this doc to completely remove itunes and the other components. http://support.apple.com/kb/HT1923After that, restart the computer and install itunes from www.apple.com/itunes/download
I completely uninstalled itunes and all its various components according to the document above, and I got that same message when I tried to install itunes again.
It seems to be a strange issue. Let's download the free trial version of the revo uninstaller from http://www.revouninstaller.com/After downloading and installing it, use it to uninstall itunes, quicktime, apple software update, apple mobile device support and apple application support. Then restart the computer and install itunes from www.apple.com/itunes/download