I've posted the solution to a similar (or maybe the same) problem before:
Open regedit
Navigate to HKEY_LOCAL_MACHINE > SOFTWARE > PhatNoise, Inc. > PMM
Look for a key labeled Reg_Status.
If this key is not present, on the right side of the screen, right-click anywhere in the white area and select new>DWORD value. Name the key Reg_Status.
Right-click Reg_Status and select Modify. Change the Value data to "2" (no quotes). Press "Ok". You should now be able to run the PMM.