Skype failed installation error code 1603 - What now?

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Dedoimedo posted Skype failed installation error code 1603 - What now? A quote from the article:
Sunshine, got a problem with your Skype? Let me a-help you. Here's a short tutorial explaining how to resolve failed Skype installations due to error code 1603 by manually running Skype setup using MSI package. Take a look.
 Skype failed installation error code 1603 - What now? @ Dedoimedo