Click on the Start Menu and type in the following on the search field (on Windows Vista/7) or Run command (on Windows XP):
Go to Ulead Systems folder >> Corel VideoStudio Pro folder, right-click on 15.0folder and select "Properties".
In the "15.0 Properties" window, uncheck "read-only attribute".
Click on Apply and select "Apply changes to this folder, sub-folders, and files".
Click on OK twice when done.
Launch Corel VideoStudio Pro X5.
If the problem persists, go back to %appdata% >> Ulead Systems folder >> Corel VideoStudio Pro folder, and delete 15.0 folder.
NOTE: Deleting the "15.0" folder will reset your VideoStudio Library to factory settings and all your custom VideoStudio libraries will be lost.