That just looks like an HResult code, a failure facility 0x5 code 0x4d. What process did ProgID: %1 match up to? What was happening when this error was thrown? Anything that would give a clue in the application log?
Generally, an event sink failed to register. It's likely a transport event sink. In IIS, it can run in porocess or out of process, but requires specific permissions to do so. Beyond that, there's not enough information in your post to determine what the problem was.