This error means that the graphic card is undetected, the drivers are not updated, or it's not supported at all. The recommended way to fix it is by replacing the graphics card with a new one that's more powerful than the one available in your computer. Of course there is the possibility to install a modified version of Bluestacks, but that might be packed with trojans and malware since the official developers didn't release it.
You can download older versions of the Bluestacks (note: you can ignore the video error if it appears) through the XDA App Player page: http://forum.xda-developers.com/wiki/BlueStacks_App_Player