This almost sound like a permissions issue. I would recommend that you look at QTP Install guide for require permissions setting.

You must have the following file system permissions:

Full read and write permissions for all the files and folders under the folder
in which QuickTest is installed.

Full read and write permissions to the Temp folder

Read permissions to the Windows folder and to the System folder
You must have the following registry key permissions:

Full read and write permissions to all the keys under
HKEY_CURRENT_USERSoftwareMercury Interactive

Read and Query Value permissions to all the HKEY_LOCAL_MACHINE and
HKEY_CLASSES_ROOT keys