I see this problem is an hot item, but on my pc i found the spoilsport!
If you use Bitdefender anti-virus "2011"(v2010 cause not that problem), that might be the problem that the windows services "Microsoft Software Shadow Copy Provider" and "Volume Shadow Copy" not work properly! Even if you start them manually!
Actually the default settings of these services in Windows is not automatic but manual. If they can run properly without obstruction, FBackup/Backup4all (...) is able to start this services.
In Backup4all you can disable the advanced option "copy open files", so you can backup without shadow copy. But you are not able to backup open files that are in use by applications eg Firefox, Outlook,...
It does not help if you disable the anti-virus shield of Bitdefender 2011!! At the moment i write this, the only solution is UNinstall Bitdefender 2011 or disable "copy open files".
If you need shadow copy and still want to use Bitdefender, you can replace v2011 with v2010.
Your license key is not a problem normally. A key of Bitdefender is time related, not version related. Of course it is program related.
I have forwarded this issue today to Bitdefender, maybe they will fix it???