did you download the wiikey update disc or config disc from the wiikey site?
download the update and install it then download the config and run that. make sure the settings are what you want and it should work.
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or you could just download the config disc and make sure everything is configured correctly. if you're trying to play a newer game or one that is on a dual-layered disc you will probably have to update the wiikey before it will play though.