I have not bought WavePad Masters Edition yet, but had the same question. I got an email reply within 24 hours. This was the answer:
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Hi,
When you register your software you will receive a code unique to you
and that particular software application, the browser will display
these registration and activation codes, and an email containing the
registration and activation codes is automatically sent to you, we
both advise you to print out a copy of the code immediately from the
browser and keep that hard copy in a safe place and to