The error message is erroneous misleading and useless. Causes trouble.
Zap pram and repair the hard drive is all you can actually do.
No one knows really why as there is never (okay once in 10,000 or less) times an update was needed.
Repair the hard drive. If still won't you may get it to work after an erase and restore or reinstall OS X over itself with Lion or SL.