Probably you installed SendBlaster 2 after formatting, but the license key you purchesed is valid on SendBlaster version 1 only.
The licence key of version 1 will not work on SendBlaster 2.
If you bought Sendblaster after July 1 2009 you are elegible to get a FREE upgrade to SendBlaster 2 Pro: http://www.sendblaster.com/freeupgrade/upgrade.htm
Otherwise you may:
1) Continue using SendBlaster 1. You can download it here: http://download.sendblaster.com/sendblaster163.zip
2) Buy the upgrade to version 2 here:
http://www.sendblaster.com/shop/?products=UP1X20
You probably registered your copy of SendBlaster and now you're entering the registration code instead of the license key.