I’ve been battling this error several times over the past few weeks in varying contexts.  Today’s occurrence was in accessing "Page Settings" of a MOSS Page.  Thanks to YongYS for the following fix:

http://www.bronios.com/index.php/2008/01/18/moss-page-setting-error-value-does-not-fall-within-the-expected-range/

A few weeks ago I was running into this issue after backing up a content database and moving it to another farm.   Thanks to Stefan Gossner to pointing out the error in my ways:

http://blogs.technet.com/stefan_gossner/archive/2008/03/12/common-error-situation-with-when-using-backup-restore-to-transfer-a-database-to-a-new-farm-on-moss-2007.aspx