The following is from the UFT 12.01 read me about Chrome.

> The extension is available on the
> Chrome web store and downloads
> automatically when possible, for
> Chrome....
>
>
> IMPORTANT: If you have a previous
> version of the UFT Agent for Google
> Chrome installed, you must manually
> remove this extension before enabling
> the new version.

Above This includes QTP 11. Here is the solution.

> If you previously had QuickTest 11.00
> installed on your computer and you
> installed one of the patches or
> hotfixes that added support for
> working with the Google Chrome browser
> (QPTWEB00088 or another Chrome-related
> patch or hotfix), you must delete your
> user profile in the Chrome browser
> before you can use UFT to test
> applications in Chrome.
>
> To do this, open the Chrome Settings
> window in your Chrome browser. In the
> Users section, click the Delete this
> userbutton.

I have fixed several machines with the Delete this userbutton above.