That is unusual. Guessing you have an old KeyShot on your machine? go to Control Panel -- add/remove and see what you there there. Do you have KeyShot 3 or 4? What about KeyShot 5 (should have been installed when you installed SE).
Mysterious. I am thinking you will have to call this in to support.
Are you trying to run KS standalone? What happens if you invoke it from the KeyShot button inside Solid Edge (tools ribbon). Or is that what you are doing?
I have a problem too. I cann't open keyshot, in license file is keyshot4 but when I download Solid edge ST7, keyshot is version5. So, cann't open. Help me, please.