open command prompt (Start menu-> Run {type "cmd"}
and navigate to
c:\WINDOWS\Microsoft.NET\Framework\v2.0.50727

then Type

"aspnet_regiis.exe –u "

this means uninstall framework2.0 as it may arise confilict with 1.0 or 1.1

then
navigate to
c:\WINDOWS\Microsoft.NET\Framework\v1.1.4322
then type
"aspnet_regiis.exe –i "

this means install Framwork 1.1


check to see your programe runs with out any error

then Try to install visual studio 2005

After this you can work in both of the versions
Cheers
Kakani Santosh Kumar