Failed To Create Volume Snapshot. Result Code: 0x80042317
Error 0x80042317 is a Microsoft Volume Shadow Copy error and indicates that there are too many snapshots on your system. The Microsoft VSS service only allows up to 64 snapshots to be created on any volume at one time.
For Windows XP try deleting all system restore points except the most recent. Please see here for more information: http://support.microsoft.com/en-us/kb/555367
For all other Windows Operating Systems please follow the steps below:
In the command prompt, type the following:
vssadmin delete shadows /all
and press enter. This clears all previous snapshots from the system.