Why can't I launch Telerik test recorder?

I am unable to launch the Telerik Test Studio recorder. My machine meets the requirements. I configured IE as required. I couldn't find WebUI Test Studio recorder.

Machine configuration is as follows:

XP 2002 SP3
.Net 4.0 Installed

The log is as follows:

06/21 17:47:11,Telerik.TestStudio.exe(2836:30),Error] <>c__DisplayClass6.<AttachRecorderToWindow>b__4() : EXCEPTION! (see below)
Outer Exception Type: System.TimeoutException
Message: Wait for condition has timed out
HRESULT: 0x80131505 (Official ID (if app.) = COR_E_TIMEOUT, Error Bit = FAILED, Facility = FACILITY_URT, Code = 5381)
Call Stack:
    at ArtOfTest.Common.WaitSync.CheckResult(WaitSync wait, String extraExceptionInfo, Object target)
    at ArtOfTest.Common.WaitSync.For[T](Predicate`1 predicate, T target, Boolean invertCondition, Int32 timeout, WaitResultType errorResultType)
    at ArtOfTest.Common.WaitSync.For[T](Predicate`1 predicate, T target, Boolean invertCondition, Int32 timeout)
    at ArtOfTest.Common.WaitSync.For[T](Predicate`1 predicate, T target, Int32 timeout)
    at Telerik.TestStudio.Web.WebRecorderWindowManager.WaitForRecorderCallBackReady()
    at Telerik.TestStudio.Web.WebRecorderWindowManager.<>c__DisplayClass6.<AttachRecorderToWindow>b__4()