[quote="coderaven"]What version of Windows? XP, Vista, 7?
PowerShell 3 is only for WIndows 7/Server 2008 R2; Windows 8 / Server 2012 and up.[/quote]
PowerShell 3 is for Windows 7 / Server 2008 (non-R2) and higher. Good catch though on asking what OS. I created some screenshots on this very subject earlier today to write a blog about this error because I've seen a lot of people running into this due to not having the .NET framework prerequisite.