DVC 170 does work with Studio 12 but not in 64bit OSs. Its only supported in 32bit OS (Windows and Vista) as stated in the requirements page.
Minimum System Requirements
- Windows® XP (SP2 or higher) or Windows Vista (32 bit only)
- Intel® Pentium® or AMD® Athlon® 1.8 GHz or higher (2.4 GHz or higher recommended)
- Intel® Pentium® HT or AMD® Athlon® 2.4 GHz or or 1.6 GHz Dual core required for Windows Vista
- 512 MB RAM (1 GB recommended, 1 GB required for Vista)
- DirectX® 9 or higher compatible graphics card with 64 MB (128 MB recommended)
- DirectX® 9 or higher compatible sound card
- 1 GB of disk space to install software
- 1 USB 2.0 (Hi-Speed) port