Problems Creating a New Silverlight Project after Tools Installation

When creating a new Silverlight project or opening an existing Silverlight project, you receive an error message:

Object reference not set to an instance of an object


Package Load Failure


Visual Studio failed to load the dlls required by Silverlight Tools.

To resolve this issue, from a command prompt, run "devenv /resetskippkgs"
(i.e. "Folder Path\Common7\IDE\devenv.exe" /resetskippkgs)