Solution:
This is typically (we think) observed on a system with UAC (Windows 7, Vista) after successfull installation, but only if you did not run the installation as Administrator.
As the (admittedly somewhat cryptic) error message states: The requested operation requires elevation. Which operation, you ask? Well, that which the checkbox indicated: to launch Dogwaffle. At the end of the installation, if you left the box checked that would try to run the (just-installed) program after you finish, this error could appear. If the installer was not "Run As Administrator...", it may not have the necessary permissions for the installer to launch the other program. The permissions need to be elevated, i.e. they require elevation. Note that they require elevation only to be run from the installer. They probably don't need the extra elevation when you run it directly thereafter, the usual manual way: either by double-clicking the launch icon that was placed on the desktop, or by going through:
Start > All Programs > Project Dogwaffle Howler > Project Dogwaffle Howler
So you can usually ignore this error message and run the program immediately, directly yourself.