Can't really say much to help you but this will put you back up to the top again.
Have you had success in the past carrying out this task? Since you have succeeded in editing your video I assume your PC is capable. Have not used Videowave since trying VW III, had so many problems that I gave up on it and went to Ulead.
There are some knowledgeable people here with regards to video editing. Hope they look in and see your thread.