Running Win 8 (64 bit) pre-installed on a Dell with Photostory 10 (.05), and having installed all the updates that I can find, I get an error message requiring DLLAV32.DLL version 6.1.124 or higher, which supposedly is available on the Magix support site.
That would suggest a compatability issue with Photostory 10 and Windows 8. This is an unfortunate result of Microsoft changing the way some parts of Windows 8 works rendering older software incompatable or losing functionality.
In this case the only option is to upgrade Photostory to a Win 8 compatable version.