I know part of this problem is something that is mentioned a lot but mine differs slighty..
I get the "Missing element on Part 1: Default/<Please Select a Directory/Sound Check. Can't find this Element. This may be because it is not currently installed on this computer or has been moved to a different folder." issue.
After following all the neccesary procedures, I pick up my user libraries but not the core ones from the 'Stylus RMX' folder? And.. I still recieve the same error.
Funily enough I recieved the error even though I installed everything on my OS.. but I have now actually re installed and made an Alias from my HD to my OS.