Hello,
I believe I am having the same problem as two other posters. I am trying to strip drm from a BBC wmv downloaded into iplayer. Your instructions seem to be very clear and I believe I have followed them. When I run drmdbg I do not get a drm folder created nor do I get a .key file created in the folder which contains drmdbg. I have pasted some screen shots into a Word document and hope they will enable you to either confirm what I have done is right or demonstrate what a twat I am (I'll happily be a twat if it leads to a solution). You can get the Word file from here:
http://www.mediafire.com/?bzzl4c04mjs
Any guidance would be greatly appreciated. The screen shots show that I have copied the original downloaded wmv and renamed it copy.wmv but since that I have also tried it with the original file but with no success.
Many thanks.
[edit]
I've checked and can confirm that drmv2clt.dll exists in C:\WINDOWS\system32\
I've done a search of the hard disk for *.key and nothing is found.