CyberLink's support is no help at all with this issue. They gave me a link to a newer version of Power2Go, and I was guaranteed that it would work. But, after installing it I had the same issue again.
However, I did find that the trial version of Power2Go v6 that I download from their website worked without a problem. So I bought a new license for the program and activated the trial version with the password, and so far it has worked without a problem for the last week! (I know I shouldn't have to pay for the program again just to get a version that works.) I think there must be a bad line of code in the program that Microsoft Visual C++ doesn't like, and they must have fixed it in the trial version of the program. I wish they would become aware of this problem and fix it in the Windows 7 64 bit version so others do not have to go through this misery.
Let me know if the trial version of Power2Go v6 works on your computer without a problem.