There might be software compatibility issue if you have other burning software installed.
You can try the following to see if it works:
1. Uninstall other exisiting burning software and re-install Power2Go
2. Update your OS to latest service pack

Ok, Same Power2go ver 4.0.
As supplied by Gateway.
All had worked normal for couple years.
Had not needed to use it for many months.
Was going to update with the Gateway special to full version.
Icon will show brief hourglass and just fade away with nothing happening.
Did all the registry and remove program.
Did a Gateway Application recovery, with the same nothing happens.
If I invoke Power2go with "Run As' Administrator, it will run.
So a clash of some kind exists, when run under 'owner', but how does one pin down the clashing program.
Cyberlink support gave info, followed it, until the OEM download point that wont accept the signin they gave me to use.
One thing of note, but not aware what to do with it, is when the compatability Wizard is used, but no changes applied, Power2go will work until a reboot takes place, and again wont start normally.
So........

8:13pm
Was sent a new password that did work to get the download that was OEM as used by Gateway. That is a biggie file. Anyway the end result is the same, it will NOT open. Tried the "run As" as Administrator, it was again able to open and run Poer2go. What now!

I'm having the same issue and reported it to tech support and am waiting to see the response. I uninstalled v5.5 and installed the latest trial version and that works fine- except that it is a 30 day trial.

Same Power2go ver 4.0.
As supplied by Gateway.
All had worked normal for couple years.
Had not needed to use it for many months.
Was going to update with the Gateway special to full version.
Icon will show brief hourglass and just fade away with nothing happening.
Did all the registry and remove program.
Did a Gateway Application recovery, with the same nothing happens.
If I invoke Power2go with "Run As' Administrator, it will run.
So a clash of some kind exists, when run under 'owner', but how does one pin down the clashing program.
Cyberlink support gave info, followed it, until the OEM download point that wont accept the signin they gave me to use.
One thing of note, but not aware what to do with it, is when the compatability Wizard is used, but no changes applied, Power2go will work until a reboot takes place, and again wont start normally.
So........

8:13pm
Was sent a new password that did work to get the download that was OEM as used by Gateway. That is a biggie file. Anyway the end result is the same, it will NOT open. Tried the "run As" as Administrator, it was again able to open and run Poer2go. What now
-------------------------
In frustration, downloaded the free 30 day trial, and it will not open. So a compatibility problem exists, but why do I need to jump through hoops and loops to make it work! The original did work, but how to pin down what new whatever has caused it to not work now. Don't need the aggravation.

1/7/2009 update.
Went through the whole process again. The process is from CyberIink, and details the step by step way to uninstall, clear the Power2Go entries in the registry, reboot, all done exactly as defined in the instructions.
Same situation. Will not activate when invoked to open.

Does anyone have or know of a tracker program, that might detail what happens when a program is invoked and fails to open or run properly!
Surely CyberLink is aware of the many frustrated users with their program, that wont open. They do know of at least one, mine, but they seem content to just repeat over and over the same 'help' that does not correct the problem.
-----------------------------

(2/2/2009 Update)
Win XP Media Center Edition Ver 2002
CyberLink Power2Go Ver 4.0 , Won't open
Well now, seems that the only hing that actually happens , is that Cyberlink keeps sending the same response as an answer. Follow these instructions they say. I follow those instructions, and no change takes place the friggin Power2Go still won't open.
Have told them in my responses, that there is nothing wrong with the Power2go program as it opens when I 'run it as Administrator'. When run as 'Owner' it will not open. Have turned off Firewalls, Anti-virus, cleaned registry, checked for Bots, followed Cyberlinks suggestions six (6) times, removed MS Service Pack 3, and nothing corrects this 'Wont open' situation. Looks like Cyberlink is counting on my just giving up and letting them off the hook. Won't happen, believe me.
Will no doubt, turn out to be a simple solution, but I'm not the designer or engineer or programmer with CyberLink, If I were , I would be ashamed of leaving customers without real corrective help.

(2/13/09 Update)
A freeware program by the way, called 'CDBurnerXP Pro' runs fine in 'Owners mode'. So why can't Cyberlink get their act together and give me some real assistance with their purchased Power2go program that will not open not open anymore

same problem to me. WinXp Serv.Pack 3, Power2Go vers. 4.0 won´t work.

I just uninstalled all my old p2g ver 4 as it stopped working and downloaded the trial version p2g6. Im too not able to open it, it is constantly asking for an activation code, but on the FAQ it says you dont need an activation code for trials. :x

I've had the same issue with P2G4 too: It stopped opening in late 2007, have contacted support to and fro with answers that don't relate (similar to the response Jayne got about inserting a registration code - it's an OEM version, I don't have one!).

I'm just about ready to remove it from my system and buy some other company's. Arghh!

Update: I received a detailed set of instructions from tech support which included deleting registry keys. Made no difference at all.Have reported it back to tech support and I'm prepared to try something else before resorting to getting a program from another company. Not impressed at all. If Power2go 30 day trial works without problem then there is no reason why p2go lite should not work.

Update 2: I too am getting the same instructions as talker. I have NEVER, NEVER, NEVER had so many problems with installation of a program before as I am having with this Cyberlink product. There is clearly something wrong here and I repeat: Power2go 30 day trial works without problem then there is no reason why p2go lite should not work. This is costing tech support more than the licence cost of the full version.

Hi To All Frustrated Power2Go Users,
While I am unhappy with this program, do want to be fair, well fair to some extent, and acknowledge that an unusual set of conditions are at fault along with CyberLinks Power2Go program. Some how, and am not able to pin it down for what needs to be done. If MS Service packs are part of the problem, I don't know. In one way or another, PERMISSIONS, are involved. Have checked for a clue within my computer and in Admin with nothing showing up. If I switch Users to the basic 'Admin user', the Power2Go will run and function. Have pointed this aspect out to CyberLink, but they still send there same old info instructions that wont correct the problem. What ever it is causing the problem, has to do with Windows invoking the opening DLL that causes an opening program link, allowing windows to proceed. Have turned off all Anti-virus programs, turned off all Fire walls, gone back to Ms SP2, without success. May even be the MS Data Execution Prevention program is the cause, but it appears that that function cant be turned off. I've tried to and it always pops back on.
So I give credit to CyberLink for even responding, but they need to get some engineer off their ass and assign that person to correct this situation.

Dear Talker, This is CyberLink customer support. I would like to follow up with the problem that you encountered. We were tried to install Power2Go 4 in XP MCE without problem. Can you provide me your CSID(ticket number)? You may provide me your e-mail address in PM for further assistance.