ITunes 10.5 64 bit wont install on windows 7- solutions?

Question

I had no problem in the past, until when it asked me to upgrade to iOS5, but every time I tried to install it an error would occur. So, I deleted iTunes and tred to re-install it... And I kept on recieving an error message (picture attached)
Searched the internet for solutions and found none- tried to install earlier version of iTunes but it kept saying 'The file 'iTunes Library.itl' cannot be read because it was created by a newer version of iTunes'
I have iOS5 on my iPod because I used another computer to install it, so I don't think sticking to an earlier version of iTunes is an option for me...
Has anyone else experienced this? Can anyone help?
It's been like this since the iOS5 update first came out, and to be honest I am sick of not having an iTunes to sync my iPod to.
Thank you.

Answer 1

Thanks to NCPlater, here is the solution that worked for me:
https://discussions.apple.com/message/17207475#17207475
After following instructions for three different solutions that did NOT work; I found the solution that did work
on the support site for Syamntec.
Readers - Please, you must be VERY familiar with pc jargon and windows vernacular to accomplish the reset
of ALL the permissions in your registry.
Follow the ditrections below and pay attention to the notes for those running 64bit Win7.
Step one, back up the registry.
Step two, go to the MS KB:http://www.microsoft.com/downloads/details.aspx?FamilyID=e8ba3e56-d8fe-4a91-93cf -ed6985e3927b&displaylang=en and download the file that installs subinacl. It is an MSI file, and will do a quick install of a few Microsoft files.  Hint: Look in the folder listed below, "subinacle.exe" may already be there.
Step three, create a batch file (subinacle.bat) with the following commands:  (Use Notepad - copy & paste, not the red stuff)
cd /d "Program Files\Windows Resource Kits\Tools" (only for 32bit/x86 machines)
subinacl /subkeyreg HKEY_LOCAL_MACHINE /grant=administrators=f /grant=system=f
subinacl /subkeyreg HKEY_CURRENT_USER /grant=administrators=f /grant=system=f
subinacl /subkeyreg HKEY_CLASSES_ROOT /grant=administrators=f /grant=system=f
subinacl /subdirectories %SystemDrive% /grant=administrators=f /grant=system=f
subinacl /subdirectories %windir%\*.* /grant=administrators=f /grant=system=f
secedit /configure /cfg %windir%\inf\defltbase.inf /db defltbase.sdb /verbose For 64bit machines substitute for first line of bat file:                    cd /d "c:\program files (x86)\windows resource kits\tools"
Step four, run the batch file. Let it run until the Command Prompt screen closes, may take 30 minutes or more.
Step five, reboot the machine and run the install again.