I am having the same problem (I've downloaded Revit Architecture 2012 for students) and I get an error message first saying "the default template file you have specified does not exist: C:\ProgramData\Autodesk\RAC 2012\Templates\Australia\DefaultAUSENU.rte"
But when I look in the RAC 2012 folder it's empty... I've done a search on templates and there don't seem to be any loaded.
when I close that error message I get one that says: "the path you have specified for the default family template files is invalid"
I have had IT guys looking at this but we're all a bit lost as to what to do.
I've uninstalled it and reinstalled it 3 times to no avail. Can you please help??? I have assignments due and I can't even start them yet!