It sounds to be me like you are running a virtual machine in VirtualBox. Is the virtual operating system Windows 8, or is the host operating system (the one that runs the virtual environment and virtual machine) Windows 8? Or are both Windows 8?
From the error message it sounds like you have less than 256 colors present ("at least 256 colors"). This is controlled from Control Panel. Bring up Control Panel, then run the Display applet. This is where you control screen resolution and color content. When the Display applet is opened, click on "Change display settings" or "Adjust resolution" on the left side of the window.
Click on the "Advanced Settings" on the right side of the Screen Resolution window, then click on the Adapter tab when the next window opens up.
Click on the "List Modes" button at the bottom part of this window, then select the level of color and resolution you want from the available list. Anything 8-bit or greater (such as 8-bit, 16-bit, 24-bit, or 32-bit) will provide 256 colors or more.