I recently had to do this, and it was no fun at all. You have to download all the prerequisites, put them in a directory, and then run a long command with arguments. For simplicity’s sake, I have compiled everything you need.
This installation took place on a machine running Windows Server 2008 R2 (64-bit of course).
First, download this package and extract it to your C:\. Your file structure should look like C:\SPPR\<files>
Next, mount the installation disc on your server. For this example, I’m just going to say it is the D:\. Open a command prompt and run this command (all on one line):
D:\>PrerequisiteInstaller.exe /SQLNCli:C:\SPPR\sqlncli.msi /KB976462:C:\SPPR\KB76462.msu /IDFXR2:C:\SPPR\IDFXR2.msu /Sync:C:\SPPR\Sync.msi /ChartControl:C:\SPPR\ChartControl.exe /FilterPack:C:\SPPR\FilterPack.exe /ADOMD:C:\SPPR\ADOMD.msi
If you get installation errors, you may have to run the sqlncli.msi package. Be advised, this package was taken from a SQL 2008 R2 disc. After successfully installing sqlncli.msi, you can rerun the entire command again. It should come back OK.
There you have it, simple and effective and a heck of a lot less trouble than what I went through.
Edit: Thanks to a reddit user, trevorishere, who informed me of this awesome script that will download all the pre-reqs for you as well.