You can use Client Hyper-V to install Windows XP 32 bit in a virtual environment to access an incompatible application. I have roughly outlined the process below:
1: Make sure you have Windows 8 Professional. You can add the features of Windows 8 Professional to Windows 8 via the Pro Pack, as described here.
2: Type the word Features at the Start Screen and select Turn Windows Features On or Off from under Settings.
3: Check the box next to Hyper-V and press OK, the system will restart to complete the installation.
4: Select Hyper-V Manager from the Start Screen.
5: Select your computer name from the list of servers in the left panel.
6: Select New, then Virtual Machine… from the right panel.
7: Press Next, then name your Virtual Machine (VM), and press Next.
8: Configure Memory. The default starting value of 512 is sufficient for most operating systems. Select Use Dynamic Memory for this Virtual Machine to allow memory to expand if it is required by the virtual machine. Press Next.
9: Select the network to which you would like to connect, if you would like to connect to a network you would need to set up a network using the Virtual Switch Manager… option in the right pane in Hyper-V Manager.
10: Create a Virtual Hard Disk (VHD). You can specify the name of the disk, where it is stored, and the size of the disk. The disk will be a dynamically expanding disk, so whatever size you enter will be the maximum size to which the disk will expand, but it will only occupy roughly the size of its contents at any given moment.
11: Select Install an operating system from a boot CD/DVD-ROM and point it to your optical drive with your installation media present. Then click next and then finish.
12: Under Virtual Machines in the center panel of Hyper-V Manager right click your new VM and select Start, then double click the machine name to connect.
13: Follow the standard installation procedure for your operating system.