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Program is crashing then it tries to initialize webbrowser.

OS:Microsoft Windows NT 5.1.2600 Service Pack 2 CLR version: 2.0.50727.42

---> System.Runtime.InteropServices.COMException (0x80040154): Class not registered (Exception from HRESULT: 0x80040154 (REGDB_E_CLASSNOTREG)) at System.Windows.Forms.UnsafeNativeMethods.CoCreateInstance(Guid& clsid, Object punkOuter, Int32 context, Guid& iid) at System.Windows.Forms.WebBrowserBase.TransitionFromPassiveToLoaded() at System.Windows.Forms.WebBrowserBase.TransitionUpTo(AXState state) at System.Windows.Forms.WebBrowser.get_AxIWebBrowser2() at System.Windows.Forms.WebBrowser.set_AllowWebBrowserDrop(Boolean value) <...>

What could be the problem?