Running Access 2003 and 2007 on the same system

I'm running 2003/2007 office on the same system (Vista) and every time i was switching between versions, i got that stupid install dialog. Well, here is the solution.
In short, run this:

reg add HKCU\Software\Microsoft\Office\11.0\Access\Options /v NoReReg /t REG_DWORD /d 1

reg add HKCU\Software\Microsoft\Office\12.0\Access\Options /v NoReReg /t REG_DWORD /d 1

More information is in this KB article.