PSP.exe is Paint Shop Pro. Your system is incorrectly associating the update file with the Paint Shop Pro program. In order to install the update, this association needs to be changed back to the original Microsoft Installer Service. You can reassociate the files extension with the Microsoft Installer Sevice using the following instructions:

1. In Explorer, click on Tools-Folder Options.
2. Then click on the File Types tab.
3. Scroll down to the extension "MSP" and click on it once.
4. Click on the Advanced button.
5. Click on the Edit button.
6. Under the "Application used to perform action:" section change the entry to: "C:\WINDOWS\System32\msiexec.exe" /p "%1" %* in Windows XP/98/ME "C:\WINNT\System32\msiexec.exe" /p "%1" %* in Windows 2000/NT
7. Then click OK.
8. Reboot and rerun the installation.