I’m posting this as an FYI should someone else encounter the same issue.
Each time I tried installing WaveLab 8 Elements, the installation would lock up, freezing my computer, and afterwards when I rebooted my PC would freeze again, requiring me to boot up in Safe Mode and delete the eLicenser file in the ProgramData/Syncsoft folder. I have two eLicensers - one for Cubase Pro and another for Vienna Instruments and related applications. Note that my PC would freeze on bootup even when unplugging my eLicensers. I tried various things, like uninstalling the eLicenser application (which I have the most recent version of), and installing WaveLab when in Safe Mode.
I eventually noted that the freeze would occur after the WaveLab installation performed another eLicenser installation. I looked in the WaveLab installation Data sub-folder (in the unzipped folder created when executing the Installer_WaveLab_Elements_8_Win.exe download file), and found a file called eLicenserControlSetup.exe. I removed this file from the folder, and was finally able to successfully install WaveLab Elements 8 via the Setup64.exe executable.
I also had a similar issue a couple of months ago when upgrading to Cubase 8 Pro (lockup during install), but I can’t remember what I did at that time. In any case, I hope no one else has this issue, but if they do I hope this helps 
EDIT
After posting this, I found that there is an update for WaveLab Elements 8 - 8.0.5. I tried installing the update, but even after deleting the eLicenserControlSetup.exe from the Data folder, the installation STILL executed the eLicenserControlSetup, which promptly locked-up my PC, both during the install and after re-booting. Apparently the eLicenser is part of the SetupX64.exe itself and the upgrade cannot be performed without eLicenserControlSetup.exe being executed. 
I booted in Safe Mode, uninstalled the what-ever version was in my registry, then successfully installed the original WaveLab Elements 8 application (without the eLicenserControlSetup.exe).
Did I mention that I HATE eLicenser!!! I also have the Pace installer key for EastWestSoundsOnline products, and I have NEVER had issues with it. I have no problem with licensing being implemented via a key, but I really wish Steinberg would find some alternative to eLicenser - when first researching the lockup, I found I am not alone with having issues with it. It’s very frustrating!