Had this problem as well.
Not sure if its the exact same one.
I was able to insert charts with all other user accounts except my own.
If you can do that, then its likely that its the same issue.
This is what I did to fix it.
<Disclaimer: be prepared to re-enter any application settings you have had before!

1. Log in a local Admin - Very IMPORTANT!
2. Navigate to 'Documents and Settings'
3. Locate the problematic user account folder i.e. the one that is giving the chart error above...
4. BACK IT UP (to another drive)
5. Confirm back up done... then delete everything in that user account - all files and folders.
What this does effectively is wiping out all Local Settings for that user account (and any cache that Office has created, so beware!)
6. Log out as local Admin and log in as the user that had the chart problem. Windows will now initiate a new clean setup for the user (basically it takes parameters from 'default user')
7. At this point launch excel and do a simple list and try creating the chart.
This worked for me... hope it does for you.