Another link which might be helpful is THIS which is a similar story but different solution. I thought I would Sticky this for those with similar problems of installing. To reiterate, update your installshield install engine.

Other common errors such as error 1603 & error 1714 you may come across. See Common error descriptions to find the cause. If the previous solutions above don't work see below. Some solutions can be found here: Error 1603: Fatal Error During Installation & also Error -1603 plus Windows Installer CleanUp Utility

Hidden files: error 1714 possible cause & solution

More details on Installshield Errors & solutions