This is because the autorun feature does not work on the Micosoft Vista OS.
In order to run the install do the following.
Click on Start > Computer> then right click on the dvd Drive that has the Wavelab disk in it. Choose explore. Select the Setup Icon to begin the installation.
Be sure to choose to “Install the software anyway” when prompted with any warnings from Vista.
Also, wait to plug the USB key dongle until prompted by the installer program.