Thanks Marco, I appreciate the reply.
It also seems possible to deactivate via eLicenser. Here is what the help says:
To transfer an existing license from one eLicenser to another, please drag the respective license from the “Licenses” list to the target eLicenser in the “eLicensers” list.
An Internet connection is required to complete the process. Please follow the onscreen instructions.
I don't suppose it can't do harm to try that. . .?
On another note, your point regarding the single active license limitation got me thinking; is anybody using Wavelab installed on a virtual machine? If so does anybody have any experience they can share, eg VM configuration, useability, etc?