This error was presented to me on an XP Pro PC. It is about the 5th time I have seen it in about 2 weeks (on other computers).
Initially I copied iertutil.dll from another PC (I'm note sure if it was SP2 or SP3 or even if is is relevant). This got the PC up and running to desktop stage, but IE wasn't working properly. I ran a repair XP installation from CD which fixed IE to the point where it opens up a web page but whenever internet options, or home button, or a few other things like windows update, it give the message "the specified modeule cannot be found"
Any fix for this ?