Look at this one this is the location of N2003SP.exe on my Computer. My Nascar is on HD G (Golf).

This is my ini_File:
explorer=C:\Programme\Internet Explorer\iexplore.exe;
template=C:\N2003SP\n2003sp.html;
outFile=C:\N2003SP\__temp.htm;

I think your IE is also on C:\Program Files\Internet Explorer\iexplore.exe;
After installing the tool search for a setup file on your N2003 Installation rightclick on the setupfile, open with--->other, search for N2003SP.exe,
it must work.
Iam sorry for my bad english, but a lot other guys did understand my pigeon-english.
Ulli