To get the current installation working I found you have to do two things. Then reboot your computer and it should work fine.
Step 1
Navigate to the following directory: C:\Program Files (x86)\CyberLink Corp\Power2Go8\Drivers and locate a file called CLVirtualDrive.inf. Right click on this file and choose install.
Step 2
Navigate to the following directory: C:\Program Files (x86)\CyberLink Corp\Power2Go8 and locate a file called CLVirtualDrive.reg. Double click that file and say yes to merging that with your windows registry.
I did these steps on win7 64bit and had no issues. Have tried this 3 different times and each time it worked. You may not have to do the 2nd step but do it anyways since it won't hurt a thing and it will at the very least make sure you have the proper amount of virtual drives in the registry.
If this does not correct your problem I would suggest contacting Cyberlink as I am not an employee of their company and am only providing a solution to the problem you listed. Understand that while this worked for me it might not work for everyone because of a variety of reasons. Try it and see.