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Cannot use object Linking and Embedding . An error occured initializing VBA libraries (14)

An error occurred initializing the VBA libraries (14) .
Following are the steps I did to trouble shoot. But still I have a problem:

1. Add-remove programs -change-add/remove features-advanced-used: Visual Basic for applications -run for my computer/run all from my computer" --no use.
2. Uninstalled/reinstalled office 2003. opened excel. works only for the first time. If I open for the second time, does not work. returns same above error.
3. Installed service pack3 for office 2003. It said successfully installed restarted machine. Runs excel only once same problem again.
4. Edited Dcom settings -went to component services-dcom config-microsoft excel application right clicked and went to identity. selected user "domain\administrator and password ". Tried this no use.
5. Again performed step2. same problem repeats. works only once and not everytime.

Please help with this strange problem.
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Dennis Wallentin
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Thank you for saving us with your solution. Keep it up :)