Space Engineers is a sandbox game about engineering, construction and maintenance of space works. Players build space ships and space stations of various sizes and utilization (civil and military), pilot ships and perform asteroid mining. 

Space Engineers utilizes a realistic volumetric-based physics engine: all objects can be assembled, disassembled, damaged and destroyed.
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Installation:

1. Unzip "Space Engineers v01.007.005 setup.zip"

2. Run "Space Engineers v01.007.005 setup.exe" and choose desired options.

3. Launch the game through the shortcut created or launch "Start_Space_Engineers.exe" in the game's directory.

4. Play!
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Error Message:

If anyone is still getting the error message I included the config file with Window Mode On that could possibly fix the error. Just put it in this folder:

C:Users:USERNAME:AppData:Roaming:SpaceEngineers
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Change log:

Update 01.007.005 has been released. We have added a beacon block that will help you navigate and we also added copy/paste/delete for creative mode.

Full list of new features and fixes:

Features

Beacon block
Copy, paste, delete (CTRL+C, CTRL+V, CTRL+X)
Updated drill texture
Updated help screen
Error message added when whole world cannot be loaded due to memory
Fixes

Fixed black screen (now a dialog is shown when graphics card is under min requirements)
Fixed performance issues when building large number of blocks
Fixed crash during loading Particle Library on some configurations
Fixed camera issues when standing close to wall
Fixed wrong character speed in HUD
Fixed workshop names (there were problems with non-ANSI characters, now using UTF-8)