If you want to install Microsoft Bitlocker Administration and Monitoring (MBAM), then you will need to encrypt the SQL database that houses the keys for bitlocker.
You will need at least the Enterprise version of SQL Server 2008 (I used R2, but 2008 SP2 should also work).
The command to enter in a SQL Query tool is
create Master key
encryption by password = 'PasswordHere'
This will allow MBAM to continue and install provided you met the other requirements.
In another post, I will cover off recovering the MBAM database and building a disaster recovery plan for MBAM.