I bought a zoom 5 and downloaded the free WaveLab Elements. I used the number on the Zoom card to download, and then got the email with the activation code. I entered that into the software based key (not the USB key, but the one with the hard disk icon). I then tried to open WaveLab and got a “no activation code” message, and opted to re enter the activation code. At that point, I got a “this activation code is already in use.” But I still can’t use WaveLab.
It’s Wavelab LE, which is a different product than Wavelab Elements. There’s also a different subforum here for Wavelab LE.
But check the Zoom card, and your email with the activation code for troubleshooting or contact information. There should be something there. And on the Zoom page I linked.