Itunes can't Reconize Touch--Error 0xE800001

I just came home with my new Ipod Touch and plugged it tinot my computer. An error came up saying

"The ipod "ipod" cannot be reconized or syncd to this iTunes due to a unknown eroor (0xE80001).

So i download the latest iTunes and this error still comes up. What is going on and how do i fix this problem???????? Thanks for the help!