I can't read the error message, but CS5 was never certified for Windows 8. I'd expect it to work anyway, but I wonder if that's somehow a factor here.
I translated the error message in the original post:
Uninstall and reinstall the product.
If the problem persists, contact Adobe Technical Support for assistance in specifying the error code that appears at the bottom of this screen.
It's the exact translation as I've seen another thread in those forums about this, but without any answer.
No mismatch on tech specs neither, apart from the Windows version:
Intel i5 3570k
8 GB of RAM (DDR3 1600 MHz)
Windows 8 Pro 64 bit
WD Caviar Black 2 TB - 7200-RPM
Sapphire Radeon HD 7870 2 GB
Does Win8 allow you to right click the program icon and then select a compatibility option from the pop-up box?
Also... no help to you, but so you know you are not alone... there are "some" messages over in the PreElements forum talking about Win8 problems... with no solutions, so far
NOT video editing, but I built a computer for my wift this past November http://www.pacifier.com/~jtsmith/ADOBE.HTM with Win8 which has zero problems... about the biggest program she uses is a specialty CAD one for house design (she is designing the house we will build as soo as we sell the one we are in now) and she has had up to a dozen programs open at once to be able to alt-tab between them
Since all versions of Premiere, Pro and Elements, make SUCH hard use of the graphics adapter, I have to wonder if a different device driver for the ATI-or-nVidia card would help in these cases?
I do know that some (many?) people had to upgrade their nVidia driver when they went from CS5 to CS6
Windows 8 does indeed provide more or less the same compatibility options W7 did, but it doesn't change anything to enable the compatibility mode (whether chosing Vista or 7).
I also have all the latest drivers, and haven't heard any compatibility problems between them and Premiere Pro, from my searches.
Runned Adobe Support Advisor, it haven't detected any problems.