Summary

PowerDVD 7.x (initial installer) as well as the update for build 4617 install with no issues. However, there is a problem when installing the update build 5711 - the installation all but completes and right at the end reports error 2932 "Could not Create File..." and then proceeds to backout followed up with error "-1603". After researching this on the web and Microsoft MSDN site, it appears that 2932 is an error with Windows Installer where a file could not be created. To resolve this issue, do the following:
1) Start the 5711 update. When you get to the Cyberlink screen (the first one during the update where you click next), stop there for a moment, and open up Windows Explorer.
2) Navigate to C:\Windows and open up the folder options (ALT > Tools > Folder Options). Go to the View tab and uncheck the box that says "Hide Protected Operating System Files". Click Ok.
3) find the C:\Windows\Installer\{6811CAA0-BF12-11D4-9EA1-0050BAE317E1} folder. This folder is created (at least) starting with the 4617 build update.
4) Find the file 1033.mst. Either remove, or do as I did, backup the 1033.mst file, then delete the 1033.mst file.
5) return to the 5711 update window and click Next to continue the install. The install will continue normally, the 1033.mst file will be created, and the install will complete.
6) Don't forget to go back to a Windows Explorer Window and select folder options (ALT > Tools > Folder Options), select the View tab, and put a check in the box for "Hide Protect Operating System Files".