What OS is on your PC? And if you are planning to sync to Outlook, what version of that?
Personally, I would try DM 4.6 or 4.7 before tryign to reload the OS. However, reloading the OS seems appropriate for that error code as said above. If you decide to reload, check the sticky at the top of the 8700 section for the latest OS for the 8700 and also for instructions on how to do it. Be patient as it can take an hour or longer to run. Don't disconnect as that will do more harm than good.