I would like to query data in Management Studio from a Microsoft Access 2007 database located on the same machine as my SQL Server 2012 instance. I do NOT want to use a link
Finally, after several unsuccessful attempts to have SQL Server "talk to" an Access database – either as a "Linked Server" in SSMS or via OPENROWSET() in T-SQL – I found this blog post that offered the following three (3) suggestions.
The OLE DB Provider for ACE (or Jet) must have the "Dynamic parameter" and "Allow inprocess" options enabled. In SSMS, open the
Server Objects > Linked Servers >Providers
branch, right-click "Microsoft.ACE.OLEDB.12.0" (or "Microsoft.Jet.OLEDB.4.0"), choose "Properties", and ensure that those options are selected:

This is the one that was stumping me.
Apparently SQL Server needs to write information into a temporary file while running an OLE DB query against an Access database. Because SQL Server is running as a service it uses the %TEMP% folder of the account under which the service is running.
If the SQL Server service is running under the built-in "Network Service" account then the temp folder is
%SystemRoot%\ServiceProfiles\NetworkService\AppData\Local\Temp
and if it is running under the built-in "Local Service" account then the temp folder is
%SystemRoot%\ServiceProfiles\LocalService\AppData\Local\Temp
My problem was that SSMS was running under my account (not NETWORK SERVICE) so I only had Read access to the Temp folder

Once I granted myself Modify permissions on that folder

and enabled OPENROWSET queries as documented in another question here, namely ...
EXEC sp_configure 'show advanced options', 1
RECONFIGURE
GO
EXEC sp_configure 'ad hoc distributed queries', 1
RECONFIGURE
GO
... my query worked fine:

Although I didn't need to use it in my case, the aforementioned blog also claims that adjusting the "-g memory_to_reserve" startup parameter for the SQL Server service can also help avoid similar errors. To do that:
-g512; to the "Startup Parameters" settingFor more details on the "memory_to_reserve" setting see the MSDN article here.