The .NET Framework 2.0 Service Pack 2 provides cumulative roll-up updates for customer reported issues found after the release of the .NET Framework 2.0. In addition, this release provides performance improvements, and prerequisite feature support for the .NET Framework 3.5 Service Pack 1.
Please review the supported operating systems for this deployment package in the System Requirements section. The corresponding updates for Windows Vista and Microsoft Windows 2008 are deployed via the full .NET Framework 3.5 service pack 1.
Just be careful, there is a follow up update patch – KB959209 needed, once you install .Net Framework 2.0 SP2.