Appears that you will need more RAM, even if the other problems are fixed:
Office Professional Edition 2003 System Requirements
Published: August 15, 2003
To use Microsoft Office Professional Edition 2003, you need:
Computer and processor
Personal computer with an Intel Pentium 233-MHz or faster processor (Pentium III recommended); optional installation of Business Contact Manager for Outlook® 2003 requires a 450-MHz or faster processor (Pentium III recommended)
Memory
128 MB of RAM or greater; optional installation of Business Contact Manager for Outlook 2003 requires 256 MB of RAM




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- (even though you can run the setup if you copy the installation files to the HDD by using another PC.




