I tried to upgrade my existing Windows 7 RTM VM to the new Parallels 5 version by upgrading. Unfortunately Parallels Tools failed with an Error 2738, Could not access VBScript run time for custom action.
The solution was to remove the stale HKCU registry key for the VBScript.dll registration:
http://blogs.msdn.com/astebner/archive/2007/06/07/3151752.aspx
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