I have the following configuration:
XP with VS 2005
I had update 2 of Composer Beta and Cryto library installed
I then installed Parallel Studio Beta.
Initially it recognized that it was trying to install update 1 on a system that had update 2. Instead of selecting full install, I selected Custom so I could verify what it was doing but didn't disable or change any settings. It spent a while doing the install and there was a message about uninstalling so I wasn't sure what it was doing. When it finished the install there was no copy of Composer on the system in as far as the start menu link to documentation was a dead link and in the tools menu and in the tool bar Composer was missing.
I then reinstalled Composer Beta update 2 which said there was a previous version installed and I again did a Custom install to verify everything and didn't change anything.
Then within VS I selected help - intel parallel studio 2011 - parallel studio help - composer help and it would only start intel c__ compiler 12.0 user and reference guides
I then had to resinstall Crypto update 2.
I also posted this in the Composer beta forum.