We really need a lot more information from you, about your computer and the version of PhotoStory you are currently running; this post will tell you what you need to tell us!
However, a quick Google search on that error code produced this page, which seems to suggest the error is not uncommon and seems to be linked to either a corrupted installation or an activation problem.
So, in addition to all the information needed about your computer and the software we also need to know exactly what you have tried since the error message started to appear (has the software ever opened and worked properly, has anything changed recently on your computer, e.g. a Windows update, etc., etc.?)