You are getting this error message because following registry subkeys are missing:
HKEY_CURRENT_USER\Software\ODBC
HKEY_LOCAL_MACHINE\SOFTWARE\ODBC

To resolve this problem, you must replace the missing registry keys. However, you may get more serious problem if you modify registry keys incorrectly. Be careful while modifying registry keys.

Visit Microsoft website to do this:
http://support.microsoft.com/kb/324520

I would suggest you to use Microsoft Office 2013 with Windows 8.