I presume you have XP, where this is usually happening. This is an awful and known problem and the folks at M$ wont do much to remedy this now, as you can imagine. So, the fastest solution to it is - regrettably - somewhat drastic: reinstall Windows.
Short reason: .NET requires its installation to be in order of the numbers. If you skip one, you're screw... er, doomed. However, .NET is not built to be uninstalled (though there are tools for this).
Advice:
1.) try to remove all .NET updates/installations by way of Add/Remove programs. If that works, reinstall in correct order. This may sometimes due the trick - often it doesn't. It really depends on what exactly you are missing. This is also somewhat time consuming.
2.) If you continue to have the error, you have two options: continue to work with Windows, as most programs wont be affected and you can likely use them as if nothing happened. Adjust Automatic Updates to ignore .NET
or - sniff -
reinstall XP. Then, be sure to install .NET in the correct order. Automatic Updates may not prompt you to do that and so you'll have to *carefully* ensure that it happens *manually*. So, check each update, in/exclude the right things only.
Don't waste too much time trying to fix the error, though. I did and, to no avail. Just backup your data and do a clean install.
Best of luck!