Hi,
I had the same issue on Lion and was able to fix it. This was the related error I saw in /var/log/system.log:
Jul 23 16:22:45 macboek13 App Store[399]: FRPurchaseManager: Preflight operation for 448457090 failed with error: Error Domain=com.apple.appstore Code=0 "The product distribution file could not be verified. It may be damaged or was not signed." UserInfo=0x7f90c9b35120 {NSLocalizedFailureReason=Cannot create PKProduct from "file://localhost/var/folders/c0/t8bcf_yd7t18mppns6bdzv480000gn/C/com.apple.app store/448457090/preflight.pfpkg" Error Domain=NSURLErrorDomain Code=-1100 "The requested URL was not found on this server." UserInfo=0x7f90c9b3f700 {NSUnderlyingError=0x7f90c9b229e0 "The requested URL was not found on this server.", NSErrorFailingURLStringKey=file:///var/folders/c0/t8bcf_yd7t18mppns6bdzv480000g n/C/com.apple.appstore/448457090/preflight.pfpkg/index.sproduct, NSErrorFailingURLKey=file:///var/folders/c0/t8bcf_yd7t18mppns6bdzv480000gn/C/co m.apple.appstore/448457090/preflight.pfpkg/index.sproduct, NSLocalizedDescription=The requested URL was not found on this server.}, NSLocalizedDescription=The product distribution file could not be verified. It may be damaged or was not signed., NSUnderlyingError=0x7f90c9b3a510 "The requested URL was not found on this server."}
You should check your system.log to see wheter you see a similar error. I deleted the /var/folders/c0/t8bcf_yd7t18mppns6bdzv480000gn/C/com.apple.appstore/448457090/p reflight.pfpkg file and was able to install Xcode again.
Cheers,
Eric