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I'm not sure what's wrong. Here's the details, where it's been stuck for the past hour.

Output folder: C:\Program Files (x86)\PCSX2 0.9.7
Extract: C:\Program Files (x86)\PCSX2 0.9.7\pcsx2-r3878.exe
Extract: w32pthreads.v4.dll
Extract: w32pthreads.v3.dll
Extract: GameIndex.dbf
Output folder: C:\Program Files (x86)\PCSX2 0.9.7\Cheats
Extract: DE37E046.pnach
Output folder: C:\Program Files (x86)\PCSX2 0.9.7\Docs
Extract: GPL.html
Extract: PCSX2 FAQ 0.9.7.pdf
Extract: PCSX2 readme 0.9.7.doc
Extract: pcsx2.man
Output folder: C:\Program Files (x86)\PCSX2 0.9.7\Plugins
Extract: GSnull.dll
Extract: USBnull.dll
Extract: DEV9null.dll
Extract: FWnull.dll
Extract: CDVDnull.dll
Created uninstaller: C:\Program Files (x86)\PCSX2 0.9.7\Uninst-pcsx2-r3878.exe
Output folder: C:\Program Files (x86)\PCSX2 0.9.7\Plugins
Extract: gsdx-sse2-r3878.dll
Extract: gsdx-ssse3-r3878.dll
Extract: gsdx-sse4-r3878.dll
Extract: zerogs-r3878.dll
Extract: spu2-x-r3878.dll
Extract: zerospu2-r3878.dll
Extract: cdvdiso-r3878.dll
Extract: cdvdGigaherz.dll
Extract: lilypad-r3878.dll
Extract: PadSSSPSX.dll
Output folder: C:\Program Files (x86)\PCSX2 0.9.7
Create folder: C:\ProgramData\Microsoft\Windows\Start Menu\Programs\PCSX2
Create shortcut: C:\ProgramData\Microsoft\Windows\Start Menu\Programs\PCSX2\Uninstall PCSX2 0.9.7 (r3878).lnk
Create shortcut: C:\ProgramData\Microsoft\Windows\Start Menu\Programs\PCSX2\PCSX2 0.9.7 (r3878).lnk
Create shortcut: C:\ProgramData\Microsoft\Windows\Start Menu\Programs\PCSX2\Readme 0.9.7.lnk
Create shortcut: C:\ProgramData\Microsoft\Windows\Start Menu\Programs\PCSX2\Frequently Asked Questions 0.9.7.lnk
Output folder: C:\Program Files (x86)\PCSX2 0.9.7
Create shortcut: C:\Users\Public\Desktop\PCSX2 0.9.7 (r3878).lnk
Output folder: C:\Users\Amanda\AppData\Local\Temp
Extract: vcredist_2008_sp1_x86.exe
Running Visual C++ 2008 SP1 Redistributable Setup...
Execute: "C:\Users\Amanda\AppData\Local\Temp\vcredist_2008_sp1_x86.exe" /qb
Finished Visual C++ 2008 SP1 Redistributable Setup
Delete file: C:\Users\Amanda\AppData\Local\Temp\vcredist_2008_sp1_x86.exe
Visual C++ 2010 Redistributable registry key was not found; assumed to be uninstalled.
Output folder: C:\Users\Amanda\AppData\Local\Temp
Extract: vcredist_2010_x86.exe
Running Visual C++ 2010 Redistributable Setup...
Execute: "C:\Users\Amanda\AppData\Local\Temp\vcredist_2010_x86.exe" /qb

Try installing somewhere other than "Program Files". Something like "C:\PCSX2". If you're still having problems with the installer, maybe try downloading the binaries and extract them manually to "C:\PCSX2".