‘DCOM Server Process Launcher’ needs to be set to automatic and be running for the dongle to work.
This most likely does’nt apply to your situation if you have’nt tweaked anything recently and had Wavelab working.
If the Services look good, see if you have a restore point from the day or days before the problem, as PG originally suggested. That would have been the easy fix I would think, unless you have System Restore turned off. But after all this time they may be gone.
Another thing to try is a different USB slot for the eLicenser, or I’ve read that others have had success removing the eLicenser, starting the program (in this case Wavelab), and then inserting the eLicenser when prompted for the license (I would hope this would be ok to do, I don’t know). But there are a lot of Google results for your specific error message:
DCOM connection to Program Synsopos.exe failed
If all else fails, I’ve had success with similar problems in other programs, that re-installs and chkdsk didn’t help, by going to Microsoft Fixit: