Required Itunes component is not installed -42404

My system is Windows 7 64bit.  After the iTunes update to 10.3, iTunes is now unusable, will not reconize my iphone. 
Get the following messages
Required iTunes component is not installed -42404
Could not purchase required iTunes compoenet is not installed.
I got a message that my IPhone was not reconnized also and that I needed to re-set to factory default which I did, but now I lost all the apps on the iphone and I can not reinstall iTunes without receiving these error messages.  No problems with Itunes until this new update. 
I have followed the suggestions to completeley uninstall iTunes and all the components including QuickTIme and MobileME.   I have done this 3 times now. The last error message was regarding iTunes Helper.
Really frustrating as I can not install Itunes so that I can reinstall my apps and music on my iPhone.  Any help would be greatly apprecaited.

Hi, I've had exactly the same issue as the chap who first posted. Don't really want to have to re-install iTunes and lose all the stuff/iPhone backups I've got on there. I've rune the diagnostics as mentioned; please see below:
Microsoft Windows XP Home Edition Service Pack 3 (Build 2600)
INTELR AWRDACPI
iTunes 10.4.0.80
QuickTime 7.6.9
Apple Application Support 1.5.2
iPod Updater Library [Error:0000000D]
CD Driver 2.2.0.1
CD Driver DLL 2.1.1.1
Apple Mobile Device 3.4.1.2
Apple Mobile Device Driver 1.57.0.0
Bonjour 3.0.0.2 (333.2)
Gracenote SDK 1.9.1.485
Gracenote MusicID 1.9.1.102
Gracenote Submit 1.9.1.133
Gracenote DSP 1.9.1.43
iTunes Serial Number 0012ACB80A0DBBB8
Current user is an administrator.
The current local date and time is 2011-08-16 21:28:40.
iTunes is not running in safe mode.
WebKit accelerated compositing is enabled.
HDCP is not supported.
Core Media is supported.
Video Display Information
NVIDIA GeForce 6800
**** External Plug-ins Information ****
No external plug-ins installed.
Genius ID: d5b1c7246190ab8289f67d3e590bcbb3
**** Network Connectivity Tests ****
Network Adapter Information
Adapter Name:          {711D230C-2B09-4DF9-B298-0F8A66D46DD0}
Description:          NETGEAR WG111v2 54Mbps Wireless USB 2.0 Adapter - Packet Scheduler Miniport
IP Address:          192.168.1.66
Subnet Mask:          255.255.255.0
Default Gateway:          192.168.1.254
DHCP Enabled:          Yes
DHCP Server:          192.168.1.254
Lease Obtained:          Tue Aug 16 21:22:10 2011
Lease Expires:          Wed Aug 17 21:22:10 2011
DNS Servers:          192.168.1.254
Active Connection:          LAN Connection
Connected:          Yes
Online:                    Yes
Using Modem:          No
Using LAN:          Yes
Using Proxy:          No
SSL 3.0 Support:          Enabled
TLS 1.0 Support:          Enabled
Firewall Information
Windows Firewall is off.
Connection attempt to Apple web site was successful.
Connection attempt to browsing iTunes Store was successful.
Connection attempt to purchasing from iTunes Store was successful.
Connection attempt to iPhone activation server was successful.
Connection attempt to firmware update server was unsuccessful.
The network connection timed out.
Connection attempt to Gracenote server was successful.
Last successful iTunes Store access was 2011-08-16 21:24:16.
**** CD/DVD Drive Tests ****
LowerFilters: PxHelp20 (2.0.0.0), Afc (1.0.0.2),
UpperFilters: GEARAspiWDM (2.2.0.1),
D: TSSTcorp CD/DVDW TS-H552U, Rev US06
Audio CD in drive.
Found 12 songs on CD, playing time 51:48 on Audio CD.
Track 1, start time 00:02:00
Track 2, start time 02:44:68
Track 3, start time 07:07:08
Track 4, start time 11:12:72
Track 5, start time 15:30:35
Track 6, start time 20:39:22
Track 7, start time 25:50:40
Track 8, start time 28:54:65
Track 9, start time 33:01:69
Track 10, start time 38:22:40
Track 11, start time 41:58:62
Track 12, start time 45:58:43
Audio CD reading succeeded.
Get drive speed succeeded.
The drive CDR speeds are:   40.
The drive CDRW speeds are:   40.
The drive DVDR speeds are:   40.
The drive DVDRW speeds are:   40.
**** Device Connectivity Tests ****
iPodService 10.4.0.80 is currently running.
iTunesHelper is currently not running.
Apple Mobile Device service 3.3.0.0 is currently running.
Universal Serial Bus Controllers:
Intel(R) 82801FB/FBM USB Universal Host Controller - 2658.  Device is working properly.
Intel(R) 82801FB/FBM USB Universal Host Controller - 2659.  Device is working properly.
Intel(R) 82801FB/FBM USB Universal Host Controller - 265A.  Device is working properly.
Intel(R) 82801FB/FBM USB Universal Host Controller - 265B.  Device is working properly.
Intel(R) 82801FB/FBM USB2 Enhanced Host Controller - 265C.  Device is working properly.
FireWire (IEEE 1394) Host Controllers:
Texas Instruments OHCI Compliant IEEE 1394 Host Controller.  Device is working properly.
Most Recent Devices Not Currently Connected:
iPhone 4 (GSM) running firmware version 4.3.3
Serial Number:          86*********
**** Device Sync Tests ****
No iPod, iPhone, or iPad found.
Any help much appreciated!

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