When I’m trying to run the 886903 update, I get a TargetInvocation exception in some SL?.tmp on two different machines (XP SP2, 2000Pro) with Visual Studio .NET 2003 and 830348 installed.
Unfortunately, the underlying exception (0xe0434f4d) is less informative than E_FAIL.
The underlying problem is a Windows Installer 1612 error, like described here: http://support.microsoft.com/?kbid=325084.
I used this to reinstall .NET 1.1., SP1 and KB886903 following these instructions (German): http://www.winfuture-forum.de/lofiversion/index.php/t32930.html,
(English translation by Google: http://translate.google.com/translate?sl=de&u=http://www.winfuture-forum.de/lofiversion/index.php/t32930.html)
Please note, this is a hack and no root cause analysis. It may or may not work for you and hose your machine to any extent possible. Do not try this at home.