Is this a fresh install? or was it working prior to an upgrade?
Uninstall and try to reinstall as administrator.
Right click on the setup and select RUN AS and then select administrator.
It also requires the Dotnet 2.0 framework installed which is what your error indicates so download this and install it before doing your reinstall.
http://www.microsoft.com/downloads/details.aspx?FamilyID=0856eacb-4362-4b0d-8edd-aab15c5e04f5&DisplayLang=en
The required files that are needed are all listed here
http://www.binaryworks.it/extrememoviemanager/download.aspx