Is sounds like you will just need to right click on the Office 2003 installation/setup file on the CD and click on Run as administrator to install it instead. This elevates the installer.
Hope this helps,
Shawn
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Are you logged in as a standard user? Try cancelling the CD autorun dialog, navigate to the setup.exe file on the CD, right click, then select Run as Admin. It'll prompt you for the admin username and password, enter those and you should be good to go.
Another way is to enable the builtin administrator. Heres how.