Monodevelop will not open .NET Framework Initialization error - Unable to find a version of the runtime to run this application

Monodevelop will not open .NET Framework Initialization error - Unable to find a version of the runtime to run this application. This come up whenever I try to edit a script or to launch monodevelop on its own. I am currently getting some windows updates for .Net. I dont know if I have the right versions or if I need to install something else, and I can't find out what the .net version requirements are for monodevelop. on windows xp.