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:http://support.microsoft.com/fixit/
You might want to set a manual system restore point before doing any of these things.