Can;t open or close Wave files in Wavelab 4.0 Win7

Help!!! This girl needs help bad.

I just upgraded my OS to Win 7 Ultimate few weeks back because XP OS is going away end of life Microsoft says. So A friend gave me a copy of Win7 Ultimate that he was not using anymore because he upgraded to Win 8. So I was able to install and upgrade my Dell XPS400 to Win 7 Ultimate.
The computer is quite capable to run Win 7. So I installed a fresh new 1TB hard drive and did all the installs and drivers install, everything. It is running good. I then reinstalled my Wavelab 4.0 and now I can not open or save wave files. The program just shuts down. I can, “open with program” to get a wave file into WL and them do all the edit and plugins and so on. But I can not save it. Program shuts down. When I am in WL and try to open wave folder it shuts down. This seems to be the only problem with WL 4.0

I use WL a lot just for my personal use and I need to get it working bad.
I had original purchased WL 3.0 and then purchased the 4.0 upgrade at the time. And it has worked flawless for many years. For my only personal use I did not need to spend hundreds on a new current version of WL, 4.0 works just fine as it is. And WL is official copies and not a cracked version, I paid lot of $ back then.

Background info
I have tried to run as administrator and run in compatibility XP mode, same things happen. I have installed Virtual XP in Win 7 and it seems to run but Virtual XP don’t have all the OS parts to it. It only runs in 16 color and I get error that display will not have millions of colors. I would like to run WL in regular Win 7.

Graphics card- ATI Radion 512MB X1900 duel monitor capable
Sound Card- Creative X-FI 7.1 WDM

I know how to navigate the Win7 and computer but, if you can help please be specific and step by step fix. In laymen terms please.

Please help me.