Usually the error log complains about not being able to read postgresql.conf. If you check postgres directory there is NO data folder created. In order to fix the problem you would need to follow this:
This error is caused by the failure of initdb in creating a DB. It
fails probably due to the locale. To fix the problem:
runas /user:postgres cmd c: cd "\Program Files\PostgreSQL\8.3\bin" initdb -D "c:\Program Files\PostgreSQL\8.3\data" -E UTF8 --locale=English
Don’t for get to add the locale at the end otherwise it will fail.