Probably some type of permissions problem. LR is trying to write files to some folder that your username does not have the proper permissions to.
I went in and added the write, modify, etc permissions to my user on the computer, restarted, and still no change. Is there something specific or a specific place I should be checking for permissions? Thanks for the response!
Have you tried logging on as Administrator and running the install?
Note, if you logged in Windows with your user account as opposed to the Administrator account, and your user account has administrator rights, that may not be exactly the same as logging on as administrator (some quirks)
You might also try, before logging out as user then logging in as administrator, try running the install as administrator (but its a pretty old application, might not work that way)