I actually did manage to sort the problem so the curse is lifted(did I just hear you heave a sigh of relief?). This is how I did it.... First I went to "Control Panel" - Add/Remove Programmes, took off some that would go(Power Producer and other related bits & bobs), then to "Programme Files" and opened the Cyberlink folder and deleted the Power Director folder and the Power Producer folder. There was still the "ghost" of Power Director 7 still haunting my computer so, loading in my DVD Suite disc, reinstalled Power Producer & Power director 5, not because I wanted version 5, but it would overwrite the remnants and clear out what remained of PD7 from the problematic installation.
Once PD5 had done its job, I then loaded my PD7 installation disc and it then overwrote PD5, so now I have PD7 back, working properly as it should. The problems I had can be traced back to when I accepted the chance to "upgrade(?)" PD7. I certainly won't be doing that again - once bitten.....! PD7 is working properly again and I was able to finish(up to a point, still waiting on some more MPEG clips from a friend to finish off the "Steamfest" video we shot over the past weekend here in Australia.