I am using VMS HD Platinum 11, but this was the same in 10 also. When I use the included Cartoonr video plugin from NewBlue, it has a watermark on the video indicating that it is not activated. I found activation instructions on the NewBlue web site, but the program it says to run to activate wasn't on my system:
Download it from their site and reinstall it on top, they will send you an email with the activation code. It wouldn't work on my Vista PC either, especially because I ran multiple users and was not running as an admin, but upon re-installation and receiving the code via email, it worked.