Background Information
On July 15, 2008, Microsoft released an important infrastructure update for SharePoint, and the Microsoft Office Server family which includes Project Server 2007. There are three separate updates, each with its own KB number.
Infrastructure Update for Windows SharePoint Services 3.0 (KB951695)
Infrastructure Update for Microsoft Office Servers (KB951297)
Infrastructure Update for Microsoft Office Project 2007 (KB951547)
Resolution
To download the updates, click on the links above. When you install any of the updates together (Install all applicable recommended) you should install the SharePoint Server Infrastructure Update first, the Office Servers Infrastructure Update second, and the Project Server Infrastructure Update last. Besure to read the installation instructions included in the Knowledge Base articles.