I think I might be able to help you.

I succeeded in installing ULTRA 2 on my Windows 7 64 bit computer by right-clicking on all installation files and CHOOSING the option to INSTALL AS ADMINISTRATOR.

So I used the following:

1. The formerly downloadable executable file (setup patch) that fixes the DirectX error

2. The Serious Magic ULTRA KEY 1.0 DVD disc (and I did the complete installation of ULTRA KEY).

3. I then installed the downloadable ULTRA-KEY>ULTRA 1.0 UPDATE (1.25.2231) using the downloadable patch:

http://www.adobe.com/support/downloads/detail.jsp?ftpID=3935

4. I then ACTIVATED the ULTRA 1.0 installation using the downloadable tool for Serious Magic products:

http://www.adobe.com/support/downloads/detail.jsp?ftpID=4246

5. I then used my ULTRA 2 upgrade DVD to upgrade the installation to ULTRA 2.

6. I then patched the Ultra 2 installation with the downloadable ULTRA 2 update patch (2.0.2271.0)

7. I then again activated the ULTRA 1 and ULTRA 2 installations using the downloadable tool for Serious Magic products.

So far, I can open ULTRA 2 and view all of the sets and everything I've tried so far seems to work well.

But I haven't yet rendered out clips. I've been reading that sometimes this will result in an error -- the same error that results when one attempts to launch Serious Magic Visual Communicator 2.0 where the error message complains that you aren't using a 16-bit or 32-bit display (when you are).

I suspect the render tests will go OK. Crossing my fingers.

Adobe has absolutely no excuse for abandoning Serious Magic customers, particularly with regard to the Visual Communicator program, which desperately needs a new update patch to fix the display error issue.

By the way, I would highly recommend that one download and save all of the update patches and the activation tool because it appears Adobe has abandoned all Serious Magic products and it may come to pass that these fixes might no longer be available online for download at some point in the future. I spent around $800 for Serious Magic Ultra Key in 2004. It's incredible to look back on the purchase and realize how fast this sophisticated bit of programming has almost been rendered obsolete. Never again will I spend that kind of money on software.

Well, I did a render test last night using the Cineform HD codec at 720p. It worked fine. Output is beautiful. Key quality is excellent. Glad I didn't throw this away.