Windows 8 certificate issues

I am experiencing significant certificate generation issues in Windows 8.

The first issue I encoutered was with Hyper-V being unable to generate a certificate. See this question for more detail: Hyper-V not working on Windows 8.

Since then, I've tried to deploy a self-signed application through click-once. When clicking Create Test Certificate I receive this message:

Access is denied. Exception from HRESULT: 0x80070005 (E_ACCESSDENIED)

After I receive that error, I can manually choose the certificate that was generated by selecting Select from File.... Then, when I try to install the deployed application, I receive this error:

Cannot continue. The application is improperly formatted. 
Contact the application vendor for assistance.

I am running VS as an administrator. Am at a total loss on how where to go next. Any suggestions?

I guess you don't have read access.

Right click on the file, and ensure that you have read access. Or, give that right to Everyone just to quickly test and then by user.

Some times, the key lives here C:\Users\All Users\Microsoft\Crypto\RSA which also needs to be updated.