"You have no Oracle Clients installed" error is received when attempting to launch Toad for Oracle v9.0.0.160.
Previous versions of Toad works correctly with the same setup.
Toad v9.0.0.160 looks at the following registry entry to determine if the OS is 32bit or 64bit:
HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node
If a 32bit OS has the above path, the error will occur since Toad is looking for Oracle entries in that key.
Issue resolved in Toad for Oracle version 9.0.1.
HOW TO DOWNLOAD TOAD FOR ORACLE COMMERCIAL:
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