Best answer as chosen by user sawdustred: That's not a newer version.

.NET is out in versions 1.x, 2.x, 3.x and 4.x. I know this sounds confusing but .NET apps use one of those versions and your .NET 1.x app can't use the .NET 4.x library.

Sorry if that's confusing but the answer is --> Install the .NET 2.0 you need and let 1.1 standing.