Error : Make sure the application for the project type (.rptproj) is installed


Till Some time back my SSRS SSIS services were working fine. I was able to create/open any project from the Business Intelligence Development Studio. That time only BI suite was installed in Visual Studio 2005.
But due to some other requirements , we had to installed Complete VS.NET 2005 on the same system. After the installation i am only able to create/open ASP.NET applications. All earlier Reporting and Integration project are giving error on opening. Even i a m not able to create a new SSRS or SSIS application.
Error Message says:
"The application for the project 'c:\documents and settings\....rtpproj' is not installed.
Make sure the application for the project type (.rptproj) is installed"

I remote login to this server to work on.
There is another thing, one of my colleague when he log in to this system using his ID, he is able to create new porjects. This is system is not a Terminal Server in true sense.

So What should be the solution for this?.
Installation/Reinstallation of Sql Server component or reinstallation of everything.
Or may be some better option.Pls your suggestions will be highly appreciated.