Will Windows 8 Tablets be able to run any windows applications?

I am basically wondering if windows 8 for tablets will be designed strictly to use "apps" made for the windows 8 tablet platform, or if the tablets will essentially be fully-functional touch screen enabled pc's. I really, really hope it's the latter, and if so, does anyone know which upcoming windows 8 tablets are the most promising?

If indeed the tablets will be able to run any windows 8 compatible applications, will regular windows applications (say, Ableton Live or Fruity Loops) be able to run on windows 8?

Thanks for your help