Refer to the MSDN article "Error Message: Acrobat Reader Failed to Update the System Registry", which is located at:
http://support.microsoft.com/support/kb/articles/Q255/1/ 30.ASP
(If the URL above does not work, locate and remove any spaces inserted by the TechRepublic system.)
While the article specifies Acrobat Reader, the description of the problem and the suggested resolution should apply in your case as well.
With a typical install of Netscape 4.75 on my system, the registry contains the key
HKEY_CLASSES_ROOT\NetscapeMarkup
The associated CLSID is:
61D8DE20-CA9A-11CE-9EA5-0080C82BE3B6
I would suggest you try the general approach outlined in the MSDN article (using regedt32.exe to grant permissions to the group "everyone" for these keys). You may have to grant the same permissions on the subkeys of HKEY_CLASSES_ROOT\NetscapeMarkup as well.
You can also refer to the article "Netscape v4.72 on Windows 2000", which is located at:
http://duke.usask.ca/~uhl/netscape/