this is a problem i encountered many times after (a while) i updated my phone to 4.2.2 (cannot install/update any app.apk file outside the playstore and there is this famous "Insufficient storage available" error which cant solved by wiping cache and dalvik cache).
And after some investigation i noticed that since android 4.2, google create a new lib folder for the apps in "/data called /data/app-lib/" and there is a symlink from "/data/data/APP-PATH/lib" to this folder which is the most culpable of this error.
So to avoid this kind of error:
1. go to "/data/app-lib/APP-PATH(that has this error)/lib" and delete.
2. install/update the apk app.
3. if not work go to "/data/app-lib/APP-PATH(that has this error)" and delete all the folder (but you must begin by their sub-folder then the folder itself, because you cant delete the folder of this APP-PATH directly without deleting their sub-folder first.
i hope, i helped some of you guys that you have this erroneous and overstressed error.