Vista Tutorial - Getting Exception System.Management.Automation.PSArgumentException

I am trying to create a console application in Mixed Mode to run the
Powershell commnads. I am getting exception when trying to call
RunspaceConfiguration::Create() function

System.Management.Automation.Runspaces.PSSnapInException: Error loading
system P
SSnapIns. ---> System.Management.Automation.PSArgumentException: Unable to
acces
s Windows PowerShell registry information.
at System.Management.Automation.PSSnapInReader.GetMonadRootKey()
at System.Management.Automation.PSSnapInReader.GetPSEngineKey(String
psVersio
n)
at System.Management.Automation.PSSnapInReader.ReadEnginePSSnapIns()
at
System.Management.Automation.Runspaces.MshConsoleInfo.CreateDefaultConfigu
ration()
--- End of inner exception stack trace ---
at
System.Management.Automation.Runspaces.MshConsoleInfo.CreateDefaultConfigu
ration()
at
System.Management.Automation.Runspaces.RunspaceConfigForSingleShell.Create
DefaultConfiguration()
at System.Management.Automation.Runspaces.RunspaceConfiguration.Create()

I have windows Server 2003 Enterprise X64 edition. I have installed
PowershellX64 on my machine.