Unable to open shim database version registry key – v2.0.50727.00000.

From MS CLR Forum
http://social.msdn.microsoft.com/Forums/en-US/clr/thread/57855a4c-64ed-4084-a3ba-36b70efeed0a/#page:2

FIX: A .NET Framework 2.0-based application may require read/write permissions to a registry key even though the application only has to read the registry key
http://support.microsoft.com/kb/918642

From ITexperience.NET
http://www.itexperience.net/2008/04/14/unable-to-open-shim-database-version-registry-key-v205072700000/