Winterblade,
I am not sure what is going on there.
I am running Stardock Central version 2.20.357, and I have both WindowBlinds5, and WindowBlinds4 showing, and have WindowBlinds5 (5.00.001) installed.
Until someone with better knowledge than I have stops by, and assuming you have WB5 official release installed and working, you may want to wait.
If you are experiencing issues with WB5, or it is not installed correctly, I would recommend saving all your theme and skin files to a temporary folder, and then uninstall all programs > reboot > uninstall SDC > reboot > reinstall SDC > start SDC and register your products > verify that WB5 is listed correctly - should be 'WindowBlinds 5 (5.00.001) 11/28/2005'.
If all is well, install the programs you use, and make sure the activation completes either upon installation, or when the activation screen pops-up after rebooting and starting WB Config.
Again, I have used the SDC program, as well as WB4 & 5 beta for some time - but I do not work for Stardock, so my knowledge is limited compared to the official Stardock team who I believe are currently watching these threads to help with issues and identify any bugs.