VK,
I am not sure whether you meant error 305 or 1305, however a good suggestion that normally help install errors is to first copy the contents of the entire CD to your hard drive and install from there.
The file in question is an activeX control. Try to register it using regsrv32. To do that go run and type in regsrv32 then the full path to the file, however an easier way is to type regsrv32 and then drag and drop the file into the run command line, which will place the path in it.