I couldn't find any help anywhere and finally fixed the problem by:
1) Uninstalling VideoWave using the add/remove program in the Control Panel
2) Restarting the PC
3) Disconnecting network access (unplugging the ethernet cable in my case - or removing your wireless card if you have one, or disabling wireless access if you have an integrated card)
4) Disabling the following Security programs which I had running: Norton AntiVirus 2004; Norton Internet Security 2004; Lavasoft Ad-Aware
5) Loading the disk and installing the program (this required loading another disk 1/2 way through the install (which the install program asked for) and upon completion a system restart.
6) Launching the Dell Movie Creator to make sure the installation was successful - it was
7) checking to see that upon my restart, all of my security apps (mentioned above) were running
8) reconnecting my ethernet cable
and Viola! everythng ran fine.
Good Luck...

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