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Most likely it is not picking up the path to the game from the registry file.

Two options.
1) Edit the registry to the correct path.
2) Reinstall and use the default drive and path.
 
Are you sure that you have the right patch. Who's logo is on the CD?
 
Look in the self help sticky thread, post 4 will give you instructions.
 
Well you did not follow the instructions because you said you do not know how to edit the registry and the instructions cover editing the registry.

So I am a little confused here.
 
Did you look under both Paradox and Strategy First?
 
Could be but I think they write thier own installer, so I don't know what it might be under. Try Typhoon. You may have to contact them about this issue.

You may also try and delete your internet cache (tempFiles) and redownload the patch incase your first copy got corrupted.
 
If you try and install the game without first uninstalling it, does it let you or does it tell you the game is already installed?
 
Since they write their own installer I am afraid you will have to contact them. Sorry. :(