I updated Android Studio from 0.2 to 0.2.7 and now I can't use it. When I click on "New Project", click few times next, then finish, I get this error:

so I installed it through SDK manager, but I still keep getting that message! How can I fix this?

The SDK you used to download the Android Support Repository is external (F:\Android\sdk).
By default Android Studio uses it's own internal SDK, located in the \sdk sub-folder of the folder where Android Studio is installed.
In order to use your external SDK you have to configure Android Studio to use it.
Go to File -> Other Settings -> Default Project Structure.
Now add your required platform to the Platform Settings -> SDK section, making sure to use your exernal SDK's path (F:\Android\sdk).
Then set the default Project SDK to the added platform under Project Settings -> Project.
Edit:
If you want to use the bundled SDK manager, check out this answer for a solution.
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