Hey Nimbin there were problems with an update that came out before the current version that is available. There was a thread about it in the forums. I even believe it matter where you download the update from, Impulse or Stardock.com Store.
Just a suggestion, open up WBs configuration (if you can) and select default and apply then uninstall WindowBlinds and run CCleaner or a similar program and reboot. Then go to Stardock.com Store, sign in and you should see all the stuff you have brought. Go down the list untill you see WindowBlinds 7 and you should see the current beta and production versions. I had first used Impulse to get the beta update and it didn't work, then when the current update came out I used the Store link and everything is working okay.
Hopefully this clears up the problem for you. Post back in either case.
EDIT: Doc beat me