I have a problem with itunes. Something went wrong during an update now won't open?

I left the laptop installing an update on itunes i think the laptop went to sleep half way through which now itunes won't open it comes up with "itunes was not installed correctly please re install itunes error 7 (windows error 126)"
now i have tried re installing and it doesn't do anything. I'm worried that if i delete itunes i will loose my backups for my iphone which typically i need which is why i was trying to go on itunes in the first place.

Transfer all your music to your desktop in a folder just in case. Uninstall itunes from your programs in control, then retry installing it.

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