One thing you might check is to uninstall all other .NET Framework's IE Net Framework 4.0, 3.X ect, ect. Then install the 2.0. Windows sees the other .Net's and thinks 2.0 is installed already. Once you remove all the .Net's and make sure your 2.0 is installed it will run.
Step by step:
Start/Control Panel/Programs and features
Look for .NET Framework 3.5 SP1
.NET Framework 4.0
Remove both of them fully and restart your system. Then load your VCM 2.2
Worked for me anyways and I am using Vista x86