No template information found. See the application log in Event Viewer for more details

I am facing the following issue in my Visual Studio 2008. When I try to Create new website or new project it shows following error message.
“No template information found. See the application log in Event Viewer for more details.
To open Event Viewer, click Start, Click Control Panel, double-click Administrative Tools, and then double-click Event Viewer.”

Event log display following warning:
The global template information is out of date. Regenerate the templates by running 'devenv.exe /installvstemplates' or reinstalling the application. Note: corrective action requires Administrator privileges.

Solutions:
1. Run devenv /installvstemplates as suggested in Event Viewer.
Then Run devenv /resetsettings.
2 . If this do not help then try to run Visual Studio Repair using program & features (Install/Unstall).

To repair Visual Studio on Windows XP or earlier
1. In Control Panel, on the Add or Remove Programs page, select the product edition you want to repair and then click Change/Remove.
2. In the Setup wizard, click Next.
3. Click Repair or Reinstall.

4. Temporary fix:

FROM
“\Common7\IDE\ItemTemplates”
TO
“My Documents\Visual Studio 2005\Templates\ItemTemplates”.