I just got my new 27" iMac ,I was trying to install Photpshop cs 8 and was told that I can't install because it is no longer supported ,can anyone help or do I throw it away ,it worked great on my lap top before it broke down

Correct, old applications designed for PowerPC Macs (Apple stopped making those in 2005) don't run any more.

Good news - all you need to do is get an updated version of Photoshop. Newer versions of Photoshop work just fine.

Matt

I suspect you mean Photoshop 8, not Photoshop CS8 (which doesn't exist yet, the most recent version is CS6). Photoshop 8 is quite old (2002 era) and is undoubtedly a power pc application. It won't run on Mountain Lion and maybe not even on Lion. It's time to upgrade.

Adobe CS2 running on Snow Leopard (with Rosetta) installed into Parallels in Lion or Mt. Lion:

[click on images to enlarge]

Adobe now offers a free Creative Suite 2 download:

http://www.adobe.com/downloads/cs2_downloads/index.html

Full Snow Leopard installation instructions here:

http://forums.macrumors.com/showthread.php?t=1365439

NOTE: STEP ONE of the instructions must currently be completed on a Snow Leopard or Lion Mac and the resulting modified Snow Leopard.cdr install file can then be moved over to your Mountain Lion Mac for completion of the remaining steps. A recent poster has offered a solution for Mountain Lion users that do not have access to Snow Leopard or Lion Macs.

NOTE 2: Computer games with complex, 3D or fast motion graphics make not work well or at all in virtualization.

Adobe just made CS2 free, so that should save the OP some money if they folllow that route.

http://www.adobe.com/downloads/cs2_downloads/index.html

Matt