What OS are you using?
I had problems with this product as well and it turned out to be the textures for the water, which are AVI files. If you are running a 64bit OS you need the 64 bit codecs (video drivers) for these AVI files to be able to use the product. It turned out that there are/were no 64bit codecs for these AVI files. I then used a video conversion utility to convert the AVI files to ones with a 64bit compatibile codec. After that it rendered as it should.