The system stored procedure sp_dboption is not available in SQL Server 2012 anymore. How could it be replaced?
sp_dboption was deprecated a while ago - http://msdn.microsoft.com/en-us/library/ms187310(v=sql.105).aspx
The recommended alternative is
ALTER DATABASE - http://msdn.microsoft.com/en-us/library/ms174269.aspx
This is probably extremely terrible advice but I'll post it anyways: I needed to create a SharePoint 2003 (WSS 2.0) site and I am using SQL Server 2014 for my DB Server. I could not create a site collection. I copied the contents of the sys.sp_dboption stored procedure and created it in my master database on SQL Server 2014 (in the dbo namespace) and SharePoint works now.
So yeah, that can be an option if you're stuck...