Here are the instructions for QTP Addin Install.
NOTE UFT has the Add in on the Install Media and not from ALM

1) Go to Addins page for QC
2) If on ALM/QC 11 Run the Client side registration Following the instructions on the page.
3) Click more addins at the bottom of the page.
4) Click the QuickTest Professional Addin Link.
5) Validate the Prequisets are installed.
6) Click the Install QTP Addin Link at the bottom of the page.
7) If the installer comes back with Visual Studio Tools for office is not installed please install and try the addin install again. Install VSTOR30.exe that was provided in the call.

More information can be found at http://eyeontesting.com/questions/1014/what-is-required-to-install-qtp-add-in-for-qcalm-without-qtp-installed