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http://www.microsoft.com/technet/sysinternals/utilities/psexec.mspx

The following command line will open a "system" regedit:

psexec -s -i regedit

Note: You have to execute this command line from an "administrator" command prompt (right-click command prompt and click run as administrator). I just created a desktop shortcut and set it to run as administrator.
This is the only help I have found that actually solves the problem! I had to find a way to run regedit as administrator (system acct) and there is a freely available program called PSexec.exe from Microsoft/winternals. Once I was able to change permissions on the registry, I searched for the subkey value, the guid a7802c820477af4fb52e6750539f0cd. Everywhere I found this and found an expandable key, ie a triangle to the left of the parent key, I right-clicked on the parent key and gave full permissions to that key and subkeys. There were probably 30 all total. Each one referenced a codec or activex component used by a codec. After doing this, the update worked as expected.

The cause of this problem - TrustedInstaller acct can add and delete keys for hardware devices, and codec components are virtual hardware devices. They abstract hardware functionality that may be handled by any number of real hardware devices, ie nvidia, ati, intel. Cyberlink's dev team is attempting to UPDATE key/values with the TrustedInstaller acct when all this account can do is delete or add. So it should be deleted, then re-added ONLY if a value needs changing. It appears to me that all the values STAYED THE SAME so this means that, not only is the update to the key unnecessary, the update will never work on Vista or Win7, only on XP under an admin account.

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