Torrent Error: The system cannot find the path specified

This problem may be caused by a limitation in Windows with path lengths.
Windows unfortunately limits the maximum length to 255 characters (which includes the filename). Try saving the torrent to a location closer to the drive's root, such as C:\.

If you need to move the content, stop the torrent, move the content to new location, right-click the torrent and select Advanced>Set Download Location and browse to new location. (New location like c:\ or d:\ (Recommended) )

Ref: http://utorrent.com/faq/errors#faq1