Event Log:

Event Type: Error
Event Source: DCOM
Event Category: None
Event ID: 10016
User:  NT AUTHORITY\NETWORK SERVICE
Description:
The application-specific permission settings do not grant Local Activation permission for the COM Server application with CLSID
{3D42CCB1-4665-4620-92A3-478F47389230}
 to the user NT AUTHORITY\NETWORK SERVICE SID (S-1-5-20).  This security permission can be modified using the Component Services administrative tool.

Event Type: Error
Event Source: Office SharePoint Server
Event Category: Office Server General
Event ID: 7888
User:  N/A
Description:
A runtime exception was detected. Details follow.
Message: Retrieving the COM class factory for component with CLSID {3D42CCB1-4665-4620-92A3-478F47389230} failed due to the following error: 80070005.

Techinal Details:
System.UnauthorizedAccessException: Retrieving the COM class factory for component with CLSID {3D42CCB1-4665-4620-92A3-478F47389230} failed due to the following error: 80070005.
   at Microsoft.Office.Server.Search.Administration.SearchApi.RunOnServer[T](CodeToRun`1 remoteCode, CodeToRun`1 localCode, Boolean useCurrentSecurityContext, Int32 versionIn)
   at Microsoft.Office.Server.Search.Administration.SearchApi..ctor(WellKnownSearchCatalogs catalog, SearchSharedApplication application)
   at Microsoft.Office.Server.Search.Administration.SearchSharedApplication.get_SearchApi()
   at Microsoft.Office.Server.UserProfiles.SRPSite.IsImportInProgress(String contentSourceName)

Generic solution:

1. Open regedit
2. Search for the GUID; should be in HKEY_CLASSES_ROOT\CSLID
3. Note the key name, and the AppID
4. Admin Tools, Component Services, Computers, My Computer, DCOM Config
5. Locate the AppID, set appropriate permissions, for the referenced account.

If you are getting this exact error message:

You should have Sharepoint installed, with the Search Engine on this machine.

HKEY_CLASSES_ROOT\CLSID\{3D42CCB1-4665-4620-92A3-478F47389230} in the registry is called "Osearch" with Application ID {58F1D482-A132-4297-9B8A-F8E4E600CDF6}.

1. Admin Tools, Component Services, Computers, My Computer, DCOM Config
2. Find OSearch in the list, right click, Properties, and on the Security tab, grant the Network Service account launch/activation permission.  "Microsoft Office SharePoint Server Search" should be able to launch now.

You will also likely get the message for GUID {61738644-F196-11D0-9953-00C04FD919C1}, which corresponds to the IIS WAMREG admin Service. Grant the referenced account the requested access as well here, obviously.