Ha you moved your projects, or the c::b installation folder?
It is a bad idea to have your projects in the c:\program files blablabla folder, but for the installation it is no problem.
Im not sure, but i think the c drive is also a protected folder in windows > vista. A better place to put your projects would be your home folder (but im not quite sure about this)
About your error message, as far as i remember there is written what to do:
go to settings->Compiler->Toolchain executables and fix the paths
greetings