I am quoting from Microsoft website for your convenience:
"
SYMPTOMSWhen you start an Office 2003 program on a Microsoft Windows XP Professional-bas...
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When
you start an Office 2003 program on a Microsoft Windows XP
Professional-based computer, you may receive the following error
message:
The application failed to initialize properly (0xc0150002). Click on OK to terminate the application.
CAUSEThis behavior may occur if you install Office 2003 and Windows XP Service Pack 1...
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This
behavior may occur if you install Office 2003 and Windows XP Service
Pack 1a (SP1a) on your computer, and do any of the following:
- You upgrade your Windows XP Home-based computer to Windows XP Professional.
- You reinstall Windows XP on your computer.
- You perform a repair of Windows XP on your computer.
In
this scenario, when you start an Office 2003 program, you may receive
the error message that is described in the "Symptoms" section.
RESOLUTIONTo resolve this behavior, after you upgrade your Windows XP Home-based computer...
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To
resolve this behavior, after you upgrade your Windows XP Home-based
computer to Windows XP Professional, or you perform a reinstall or
repair of Windows XP, reinstall Windows XP SP1a on your computer.
After you reinstall the service pack, restart your computer.
MORE INFORMATIONFor additional information about how to obtain the latest Windows XP Service Pa...
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For additional information about how to obtain the latest Windows XP
Service Pack, click the following article number to view the article in
the Microsoft Knowledge Base:
322389
(http://support.microsoft.com/kb/322389/EN-US/
)
How to Obtain the Latest Windows XP Service Pack
For additional information about how to install Windows XP,
click the following article number to view the article in the Microsoft
Knowledge Base:
316941
(http://support.microsoft.com/kb/316941/EN-US/
)
HOW TO: Install Windows XP
For additional information about how to reinstall or repair
Windows XP, click the following article number to view the article in
the Microsoft Knowledge Base:
315341
(http://support.microsoft.com/kb/315341/EN-US/
)
How to Perform an In-Place Upgrade (Reinstallation) of Windows XP"
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