WordPress Incompatibility

I purchased a template that I really like and didn’t realize that it’s incompatible with version 2.3. After uploading the file, there was a nice little message waiting on me stating that the style sheet was missing. The long of the short of it is that I contacted the company and they pointed out the problem, the template is compatible up to version 2.05.

I really like the template’s layout and had planned on twirking it down the line to get it exactly how I like. In the meantime, I would like to use it as it is in the latest version of WordPress. How do I adjust the template and make it so that it’ll work with version 2.3? Is it possible for me to create the missing style sheet, upload it to the proper folder on my server and solve the problem?