Hi shdwsdan, and welcome to the forum. This is the place to get all the help you will ever need with Easypano products. I had the same problem when I first purchased PW5. Below is what they told me to do and fixed the problem.

Please go to the installation directory of pw5, and delete the file "settings.dat" in the folder. Then restart the computer to have a try. If it still doesn't work, please uninstall the SUN JRE and remove it completely from the computer, and then reinstall it at http://www.easypano.com/panorama-gallery.html to have a try.

Hope this helps.