WB5 not working for me either
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Stardock Forums
Below is the troubleshooting info. I've unistalled and reinstalled inmultiple time to try and correct the problem but no go. I even re-installed SDC hoping that might help. Please help I really want to use the new version. 
WindowBlinds 5 BETA Troubleshooting Report:
STATUS : WB+ SRV+ HLP+ UI+
WindowBlinds is installed correctly on this PC.
WindowBlinds has not been activated correctly on this PC. Please activate it from SDC.
Your machine supports per pixel borders on WindowBlinds skins.
You have one monitor in total.
(Dell E173FP) 1 is attached to NVIDIA GeForce 6600 GT
'NetMeeting driver' also exists as device '\\.\DISPLAYV1', but is not attached to the desktop and is a mirror driver.
'RDPDD Chained DD' also exists as device '\\.\DISPLAYV2', but is not attached to the desktop and is a mirror driver.

WindowBlinds 5 BETA Troubleshooting Report:
STATUS : WB+ SRV+ HLP+ UI+
WindowBlinds is installed correctly on this PC.
WindowBlinds has not been activated correctly on this PC. Please activate it from SDC.
Your machine supports per pixel borders on WindowBlinds skins.
You have one monitor in total.
(Dell E173FP) 1 is attached to NVIDIA GeForce 6600 GT
'NetMeeting driver' also exists as device '\\.\DISPLAYV1', but is not attached to the desktop and is a mirror driver.
'RDPDD Chained DD' also exists as device '\\.\DISPLAYV2', but is not attached to the desktop and is a mirror driver.