There is one other possible problem if WaveEditor won't install. Somewhere in these forums is an explanation of what to do - some searching should find it.
Sometimes a Windows Media Player file that's needed isn't found by the installer and it gives up without a message. The explanation tells what to change in an installation configuration file to see the reason the installation failed. If it's the missing WMP file, it is an easy fix and is also explained in the same thread.
As for the activation key - it appears it is only acceptable with the initial PD version so after (re)installation but before any updates, activate PD; after that's successful you can then apply the latest update (it contains all previous changes as well as the latest).
Gary
This message was edited 1 time. Last update was at Aug 24. 2011 00:42