I've tried upgrading iTunes, un-installing and reinstalling. Removing all Apple software from my machine. Running the installer with administrative rights. Installing Quicktime independently of iTunes. I've searched everywhere I can about this error I'm experiencing and I still haven't resolved the issue. I've even been through Apple's support article.
Acording to the statistics found under my System in the Control Panel, I am in fact running on a 64-bit OS. Below is the error I'm faced with during installation. Clicking OK cancels the installation wizard.