You have made sure you have the right version (32 bit) to match the version of excel (2010), and have the full version of .net 4.5 installed. If you try to install the full version of .net 4.0, you are told that the newer (4.5) version already is installed.
The installer needs to be run as administrator, but in order to do that you have to run it through the command prompt as administrator. After doing this, it will install.
I'm not sure why the installer didn't request elevated privileges, but I'm guessing it couldn't properly query the system to verify the necessary prerequisites were installed.