Visual studio conversion error

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unable to load Assembly

When ever i try to create a new project. I get the following error.

Is there a way to solve this without reinstalling.

Could not load file or assembly 'Microsoft.Build.Engine, Version=3.5.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a' or one of its dependencies. The system cannot find the file specified.

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Try reinstalling .net framework 3.5 from your Visual Studio 2008 disk. In vs2008 express disk it's located at

I:\VBExpress\WCU\dotNetFramework\dotNetFx35setup.exe

where 'I' represents dvd drive letter.