I figured out this issue, it is related to the old application trying to access the Windows Registry, and it not getting what it is expecting. To fix it you will need to un-install, and then delete some specific registry keys for the application, then re-load.
I was doing some more testing with generating new keys, and for them to work on post Win XP machines, we will need to do some manual registry editing to get it to work. PM me if you need to do this. I also posted a page to pull build 201, which was the last build Dave Posted on his site. RCRacecars.com - Welcome! click on Facts II