I solved it! I’m on Windows 7 32 bit.
For me, this problem became a bigger problem when I could not install Nero10 which wanted to use the right C++2005 Redistributable. So the suggestion to just hide the update is not sufficient.
Here's how I solved it:
Elesewhere it is often suggested to try and install the update manually. This always ended in failure with the update asking me to specify the right path to the update and never accepting it.
Then I noted there are several versions of the vcredist_x86.exe around. The one that worked for me is the 6.0.3790 that I found here:
Download Confirmation - Microsoft Download Center 
Just to be complete, I also found a v. 6.0.2900 that didn’t work which is here:
Download Details - Microsoft Download Center - Microsoft Visual C++ 2005 Service Pack 1 Redistributable Package ATL Security Update
so don’t download that. :sarc:
Try to just install the 6.0.3790 first, maybe this is just a better or bugless update. If that doesn’t work, well, here’s what I did just before that:
In the Windows uninstall software page (not on the installed updates page) you will find one or more Microsoft Visual C++ 2005 updates (and 2008). I tried uninstalling the 2005 ones (we’ll put them back later) , and then again the resource not found error came up, making it impossible to uninstall.
Then, with Tune up Utilities 2010, I was able to just kick the entry from the installed software list. Ashampoo Uninstaller and some other utilities also have the option to get something off the list if you cannot uninstall them. It just scratches the entry in some way. Possibly some regedit hack could do it too.
After this and a reboot to make sure, I was able to install the 6.0.3790 update found on the first link above. From there on, windows update will pick up any updating and reinstalling of the redistributables that is left to do. And after that Nero10 installed fine as well.
I hope this works for some people and saves you time. If it works please post something in response(thanks?) I would appreciate and enjoy that!
Greets,
Dreamtreater