been there
you can download the latest instagram .apk from here:
Code:
http://www.androiddrawer.com/6935/download-instagram-3-2-0-app-apk/
if bluestacks is already installed, just double click on the .apk, it will open Bluestacks and the installation will start automatically, however more than likely you'll get another type of error message throughout the process
it's the same error message i encountered while i was trying to install instagram using Bluestacks on my notebook with weak graphics card, chances it won't work because your graphics card is not eligible
then i tried to get the instagram app work with the official android emulator for PC (Android SDK) with little to no success, i mean little, because i was able to install the .apk this time, but the IG account registration always failed after "network error" message was displayed, plus the emulator is slow as hell
there's another android emulator for PC called YouWave, i liked that one the most, only downside, it doesn't support ARM native code, so it doesn't work with instagram unfortunately
later i successfully installed Bluestacks on another notebook with better config
it just doesn't worth the hassle, you can buy accounts relatively cheap, 1k for $80, $100, $120 depending on your requirements