No. If you want me to clarify, here's my situation in the chronological timeline order:
-I had .NET Framework 1.1, 2.0, 3.0 and 3.5 on my computer.
-I installed Paint.NET with all those versions still on my computer. Paint.NET worked fine, even with multiple versions.
-I uninstalled .NET Framework 1.1 while keeping all the others (including 2.0) intact. Paint.NET stops working.
Now, if I had uninstalled 2.0, then maybe it would make sense why it would poop out on me, but 1.1?!