When we switched to Graphics 2.0 (Builds 2013.2000 and higher), the requirements are that your computer support OpenGL 2.1 or later. You can try to upgrade your drivers and bring them into a more modern spec. If that doesn’t work, if this is a desktop you could consider a new video card, but given that OpenGL is like now 4.0, your computer may be too old to run Windows 7 or later, making getting drivers for a new card a hard prospect.
There is one final build of Corona SDK 2013.1262 that you should be able to use, however, be aware that this version cannot build for Apple iOS. Apple has changed so many things, only the latest public build is able to submit now (2014.2393a). If you intend to develop for Google Play and use Google Play Game Services, or AdMob for advertising, you will also need 2014.2393 or later.
Rob