Why can't I download my Corel Paint Shop Pro PHOTO X1 on my new computer? It stops at "Registering Modules".
The process you're referring to is called software installation and it hangs because of various reasons. The first thing to do is to retry the installation, but this time right click the installation package and choose Run as Administrator. I believe the error you've encountered above is directly related to this simple issue.
Alternatively, re-download the package (latest version) and install it because the X1 version has been released a long time ago.