EXIT FATAL ERROR Cannot initialize renderer

Hello there, I am somone coming relatively new to Steam.
I came here initially to purchase Terraria, which I had no problems with.
A few days ago, I bought Dead Island, and began the download.
After the slightly long (14 hour or so) download, I attempted to play the game. After the steam startup and Dead Island screens, a CrashExit screen appeared. This screen displayed the following: EXIT: FATAL ERROR Cannot initialize renderer. After trying a few more times with the same result, I tried restarting steam. After this didn't work I immeadiately went to Steam's support, and filed a ticket. I am well aware of Steam's NO REFUND policy, and therefore I want to get as much help as possible. Does anyone know a solution other than replacing my graphics card, and most likely computer tower? I honestly don't have enough money for that sort of thing.