The activation key is a number that unlocks premium features in Pinnacle Studio. Upon entering the key, you may see the message "The unlock key is not valid." When installing for the first time, the usual cause for this is that the key simply wasn't entered correctly. However, if you're moving the software to a new computer or reinstalling it after a hard drive reformat, a new key must be generated. Pinnacle Studio has an Unlock Site to automate this procedure.
Trial versions of Pinnacle Studio should be activated prior to the end of the trial. If the trial expires, you will not be able to enter an activation key. You'll need the file "Enteractivationskeys.pxm" from Pinnacle's Knowledge Base. It will allow you to enter your key, upgrading the software from the trial version.
Magic Bullet Looks is a plug-in that is not initially installed with Pinnacle Studio. There are two reasons Magic Bullet Looks may be missing from the list of plug-ins. The most common is simply that it still has to be installed. Insert the Ultimate CD and follow the prompts to install it. Another possibility is that your graphics card is not supported. You can choose a custom install to force the installation of Magic Bullet, but it might not work correctly.
DVD burners are not always detected in Pinnacle Studio, primarily if you're using Version 11. There is a downloadable patch available to fix this issue with Version 11. If you're using Version 12, it's probably just a bad install. Completely uninstall Pinnacle Studio and reinstall to correct it.