Snap-in Failed to Initialize

I'm running XP Pro Corp with SP2 installed, and I have a problem.
I tried to open up the Device Manager like I do normally, and instead of getting a list of Devices, I get an error message that says this:
http://img272.echo.cx/img272/2419/snapinfailed7pp.png
and then in the device manager it displays this:
http://img272.echo.cx/img272/1659/snapinfailed27tm.jpg

Anyone know what's causing this and/or how to fix it?

Problem caused by bad registry cleaner (like jv16 powertools 2005 v1.5.0.273)

This fix was originally provided by Harsh!

Unzip the .zip file, then double-click the .reg file