I get this error when trying to build my project after changing laptop and updating to Android Studio version 0.8.2.
FAILURE: Build failed with an exc
Download system image(of targeted android level of your project) from sdk manager for the project you have imported.
This error comes when you do not have target sdk of your android project installed in sdk folder
for eg. Your imported project's target sdk level may be android-19 and on sdk folder->system-images you may have android-21 installed. so you have to download android-19 system image and other files from sdk manager or you can copy paste it if you have the system image.
In my case, setting the 'Gradle version' same as the 'Android Plugin version' under File->Project Structure->Project fixed the issue for me.