Got it to work

It seems my issue was with having a cd in the cd drive.
I had Disc 1 of the retail version in the drive, which caused the installer to try to install from the E:/ drive for the .avi splash movie file. However, the retail is v1.0.0 ish, and therefore wasn't working with the 2.0.0 installer.
Disc removed from drive, cd drive empty, problem solved, Installation complete.
