It happened to me twice on a new installation of Windows XP. In the first time I reinstalled Windows to fix it. On the second time I researched a bit and found the problem to be the installation of .NET 4.

The only way I found to fix it was to uninstall .NET 4 completely. Repair of .NET 4 or of Windows update did not help.
As far as I know, if you use Windows XP you have to live without .NET 4 or without Windows Update. If you use newer versions of Windows you can try installing .NET 4.5 since it’s a replacement of .NET 4. Unfortunately Windows XP is not supported by .NET 4.5.

I would love to know if you have a solution for Windows XP users.

([url=https://social.technet.microsoft.com/Forums/en-US/itproxpsp/thread/fdd723f8-af81-4331-8c56-0b09432d92bc]a conversation about the topic[/url])

Update: I have asked the quesion on superuser.com and some time after trying to solve the problem it started working. I don’t know what helped or if it is something from this page but [url=http://superuser.com/questions/636554/how-to-install-net-4-on-windows-xp-without-getting-error-0x8024402f-from-window]you can try[/url].