Hi Steve,
Two items to deal with here and perhaps offering different solutions.

1. CyberLink offer a "cleaning" tool for PD and for Wave Editor. using that tool may resolve your problem.
Sticky for newbies: http://forum.cyberlink.com/forum/posts/list/17508.page
Link to the Cleaner tools = 001: http://forum.cyberlink.com/forum/posts/list/15688.page
1-1. Follow the guide information given at the above location.

2. Use either a Zip program (I use AlTools) or WinRAR by RARtools
2-1. Place the PD Program executable file in the program(s) mentioned and use it to extract the data to a location/folder of your choice.
2-2. In the full PD installation program you should be able to locate the WVEditor folder and within the "setup.exe" to install WE. Double clicking on the WE setup exe will install Wave editor for you.

Thank you. This fixed the problem.

One suggestion, though - your response assumed that I downloaded PD, when I in fact have the disk version.

For the disk version, simply run setup.exe, which is in Drive:\PowerDirector 9\PDIR\WVeditor.

Thanks again.