That’s the error I was presented with on my clean install of Vista today. I had everything set up nicely and wanted to create a backup image but I kept getting that error with error number 0x80070001. After a quick Live Search, I turned up an answer that solved my problem in a jiffy.
Read through the thread and you’ll find a post by JillZ towards the bottom. Please note that this is completely unsupported. Proceed at your own risk.