Visual Studio 2010 reference issue

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C#

Have a Visual Studio 2010 issue where ever time I try to add a reference I get a com error 0x800004005 error and complies state "Predefined type 'System.Object' is not defined or imported"
I have:
1) Disadbled all addons
2) run the repair option from the cd
3) My google serches turned up several places that siad to add "mscorlib.dll" as a reference.

It doesn't appear to matter what project type ( i.e. ASP.NET, Win Forms etc)

Yikes .. anyone run into this.