826232 refers to some Windows TroubleShooter. If it's not installed (the TroubleShooter) said update may indeed fail. Microsoft has yet to give you meaningful error messages so you as a Professional OS user get to research each KB Article and see if your OS would require this.
Take no offense as I note that some want a "click-here" OS and Windows 2000 is far from that...
Some of these patches can be manually downloaded and installed. That's what I do when Windows Update fails.
Bob
PS. http://support.microsoft.com?id=826232 and http://support.microsoft.com?id=825119 Change the number in question to find more reading material.
I just re-installed a fresh system, W2k Pro/SP4...I attempted to update the OS and had a number updates fail; ie.. KB826232, KB825119 etc...failed. What to do? The Anit-Virus was off and no other programs were running. Thanks.

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic