Someone at another forum suggested I edit registry entry to change the default path from that invalid path. I did, and it worked.
@meetdilip You can use Digital Oceans backup feature to take a snapshot of your site. As for emails, why not use mandrill or one of the other third party alternatives, Mandrill gives you about 12k emails a month for free. As was mentioned in the other thread, you don't necessarily need a control panel, and as you've found out, some can cause more issues than they solve.
I want to make my own email id. Say [email protected] .
Setting up your own email server can be a pain. However, there are very good tutorials out there that will guide you along. There are at least 2 on DigitalOcean's site that should help you get it done.