BTW, what should I do with elicenser program and Wavelab directory I copied over from my old pc?
Don’t worry, it won’t harm. Anyway, there should be an uninstallater somewhere.
Copy your DVD content to your HD, then replace the eLicenser version found in that folder by the latest one. Now run WaveLab’s setup.exe. The setup.exe will then call the latest eLicenser with the right code, and hopefully that should solve the problem.