1. It may not be possible to replicate from 2005 to 2012 (off hand I don't know this) you may need to have the 2005 server at SP4?

2. The size of the publication articles or possibly only one of them could be larger than 2GB - this can cause issues.

If so, you may have to perform a backup of publication database(s) then restore on subscriber server, then "reinitialize without snapshot".

Looking at the error text it may be no 1.

Good luck

qh