Error

CreateProcess error=216, This version of %1 is not compatible with the version of Windows you're running. Check your computer's system information and then contact the software publisher

Solution I

Your sdk location not match, select the real sdk location
Someone says it works, but not for me.

Solution II

REASON

This happens because for now they only ship 64bit JRE with Android Studio for Windows which produces glitches in 32 bit systems.

SOLUTION

do not use the embedded JDK: Go to File -> Project Structure dialog, uncheck "Use embedded JDK" and select the 32-bit JRE you've installed separately in your system
decrease the memory footprint for Gradle in gradle.properties(Project Properties), for eg set it to -Xmx768m.
For more details: https://code.google.com/p/android/issues/detail?id=219524