Trying to install SharePoint 2010 on Window 7 and ran into this error.
First, I was using this script to install SharePoint 2010 on my Win7 box.
(make sure you take a look at the Discussions tab. Ran into a few issues but quickly found solutions on there.
After this, I then hit the failed to create the configuration database error when trying to run the wizard.
Onto another site….
This site outlined all the prerequisiutes needed for a SharePoint 2010 install.
Not 100% sure what I missed, but I download / installed each of these again.