In order to fix this issue, you will need to uninstall the old version of the application from your computer. If you use Windows XP or below, go to Start > Control Panel > Add or Remove Programs. In the Currently installed programs box, click on the program and then click Remove.
If you have Windows Vista or above, go to Start > Control Panel > Programs > Programs and Features. Select the application and click on Uninstall.
If it doesn't work, try using Revo Uninstaller. Even if it can't uninstall the application normally, it will force it to uninstall by wiping out all traces of its presence from the system.