Serial Port disabled in Arduino IDE on Win 8

I just got my latest Arduino UNO and started off with the initial installation process. I am facing the same issue as described in here except that my machine is Windows 8. I have given a more detailed report of the issue over here

It looks like you have not installed the driver for your Arduino.

Right click the Unknown Device in Device Manager
Select Update Driver Software
Select Browse my computer for software
Click Browse button
Select the Drivers folder under the location of your Arduino software installation. (Do not select the FTDI folder inside the Drivers folder)
Click OK
Click Next

Thanks that worked