I downloaded Android Studio and attempted to launch the program.
This is running on Windows 7 64-bit with Java 1.7. During the installation my Java 1.7 is detected,
If you are getting message "Your Android SDK is out of date…" — click "Configure" —> "Project Defaults" —> "Project Structure", pick "SDKs" —> "Android SDK" and in a "Build Target" choose "Android 4.2.2". Click "OK". Now it should work fine.