Hey Demonicated and nukeru-
I have submitted a report about the inability to create a code project (UE-11387) for further investigation. In the meantime can you attempt a couple other things for me? First, if you create a blueprint project are you able to, in the editor, go to File->Add Code to Project? Additionally, can you check if you have the Windows SDK installed? You can get the SDK here (http://www.microsoft.com/en-us/download/details.aspx?id=8279) if you don’t have it or are unsure if you do or not.
EDIT: Another solution to check would be to follow 's answer here (Can't create C++ projects, or open ones from Beta - Programming & Scripting - Epic Developer Community Forums) to see if VS120COMNTOOLS is set properly
Thanks