This error may have many various meanings it may relate to already incorrect installed update or some rubbish in COMPONENTS hive
1.Go to Control Panel>>Programs and Features>>View installed updates and make sure you don't have it already installed,if you have just uninstall it and try again install it from Microsoft Download Center.
2.If point 1 is not applicable look at this article
Error when you download updates using Windows Update or Microsoft Update: 8000FFFF
but very important supplemet to this article because you working on Windows 7:
Windows 7 never defaultly load COMPONENT hive into registry,except when you open Control Panel>>Windows>>Check for Updates and when you in Turn Windows Features on or off and of course when system install updates.
Two ways to load COMPONENTS hive to registry
-.Go to Windows Update>>Search for Updates and then open regedit and then follow to MS suggestions
-.Load manully to registry,COMPONENTS file is stored in C:\Windows\System32\config
instruction hot to do that:
Load a hive into the registry: Core Services
3.Check also this MS article
When set to manual, TrustedInstaller service fails to install updates
4.You can also try this tool
Repair & Fix Windows Updates with Fix WU Utility | The Windows Club
EDIT
I'm delayed

I glad you've already solved your problem