It's in your system dir.
Maybe we can find the problem there.
Fist delete your Unreal.log file, and then run Unreal one time.
Then you have a clean log to post.
Do you have a Nvidia gfx or a ATI gfx ?
This is the probem. You use Microsoft Software rendering OpenGL. You need to install the latest ForceWare drivers from http://www.nvidia.comInit: GL_VENDOR : Microsoft Corporation
Init: GL_RENDERER : GDI Generic
Init: GL_VERSION : 1.1.0