Can't Install. An error occurred while installing Adobe AIR

I can't install Adobe AIR. I'm getting the infamous error:

"An error occurred while installing Adobe AIR. Installation may not be allowed by your administrator. Please contact your administrator."

• I'm the administrator of the computer.
• I'm running Windows 7 Ultimate 32-bit.
• I've tried the right-click-run-as-administrator solution and I'm getting the same error.
• I've read Troubleshoot AIR installation | Windows and none of the solutions worked.
• I'm installing the latest AIR version (I've tried older versions too)
• I've tried Microsoft Install and Uninstall Fix It and AIR doesn't appear on the list of programs.

Here is my install log:

[2012-04-13:11:31:20] Runtime Installer begin with version 3.2.0.2070 on Windows 7 x86

[2012-04-13:11:31:20] Commandline is:

[2012-04-13:11:31:20] No installed runtime detected

[2012-04-13:11:31:42] Relaunching with elevation

[2012-04-13:11:31:42] Launching subprocess with commandline c:\users\mmazza\appdata\local\temp\aira62d.tmp\adobe air installer.exe -ei

[2012-04-13:11:31:42] Runtime Installer begin with version 3.2.0.2070 on Windows 7 x86

[2012-04-13:11:31:42] Commandline is: -stdio \\.\pipe\AIR_5604_0 -ei

[2012-04-13:11:31:42] No installed runtime detected

[2012-04-13:11:31:43] Starting silent runtime install. Installing runtime version 3.2.0.2070

[2012-04-13:11:31:43] Installing msi at c:\users\mmazza\appdata\local\temp\aira62d.tmp\setup.msi with guid {47FA2C44-D148-4DBC-AF60-B91934AA4842}

[2012-04-13:11:31:45] Error occurred during msi install operation; beginning rollback: [ErrorEvent type="error" bubbles=false cancelable=false eventPhase=2 text="1603" errorID=0]

[2012-04-13:11:31:45] Rolling back install of c:\users\mmazza\appdata\local\temp\aira62d.tmp\setup.msi

[2012-04-13:11:31:45] Rollback complete

[2012-04-13:11:31:45] Exiting due to error: [ErrorEvent type="error" bubbles=false cancelable=false eventPhase=2 text="1603" errorID=0]

[2012-04-13:11:31:45] Exiting due to error: [ErrorEvent type="error" bubbles=false cancelable=false eventPhase=2 text="1603" errorID=0]

[2012-04-13:11:31:45] Runtime Installer end with exit code 7

[2012-04-13:11:31:47] Runtime Installer end with exit code 7

Hope someone can help. Thanks.