If you have Microsoft Office 2000 or Office XP, you can choose which set of controls you want according to the version. If you don't have either just ignore this. Click the Next > button.
On the Update File Associations screen, leave everything ticked unless you prefer another application, e.g. Visual C++ to retain the association. Associations are how Windows knows which application to use to open a particular file type when you open a file type from Windows Explorer. Click the Next > button.
The last step is informational and should be like the picture above. If you wish, you can review your choices by pressing < Back a few times, change any decisions you've made then click Next > to return to this page. Click the Install button to begin installing. It will take 3 to 5 minutes depending on your PC's speed.