How to fix corrupted project and item templates in Visual Studio?

While working on an ASP.Net application on Visual Studio 2008, I ran into a problem. When I right clicked on the project to add a new page into the project, i got the error message that no templates could be found. Well, that was kind of strange that I was working on the project night before and I did not run into such problems. Recently Microsoft has become pretty good about their error reporting providing some initial hints. In this case the message said that I should look in the event logs to find more details. The event logs had the following error message.

In the past I would have took the option of reinstalling Visual Studio. But this time the error message provided an alternative to fix the issue by reinstalling templates by running a command line option. And it worked. After I ran the command, Visual Studio 2008 was back to its normal templates.