I was ready to join you in expressing my problems with Vista. My program worked well on XP, but nothing showed up when I loaded in Vista. No sound, no visual confirmation.
After I went to "Toos -> WavePad Options -> Audio Processing " and changed my "Audio Working Folder" to location I specified, everying worked!
The "Audio Working Folder" which Visita or the program had Defalted to did not exist.
Hope this helps.