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Scenario
When I click the drive and then next, it gives me the "We couldn't create a new partition or locate an existing one" error.
Solution
First of all you will have to disconnect any USB or additional HDD attached to your system. You should have only the HDD (hardisk drive) on which you would install Windows 8 connected (through SATA or E-IDE cable) to your motherboard or system.
After this you will have to turn on your system, with the Windows 8 DVD media inserted, and boot from DVD.
Now you will have to enter in the Advanced Startup Options from the DVD media and run an instance of command prompt (choose Repair) because you'll have to use some commands to prepare correctly the HDD to install the OS:
We will now use diskpat utility to clean any incorrect or corrupted info on HDD and prepare the HDD to be available to Windows 8 Setup process.