Avid Media Composer 6 Crashes when using keyboard shortcuts

Hi All,
I just installed AMC 6.o on my macbook pro, and all is well, however when I add edits to footage or try to lift or cut clips I get this error:

"The software license for this system is an incorrect type. Please contact Customer Support for Assistance"

My system specs are:
Macbook pro 10.7.4

2GHZ Intel Core i7
4GB RAM 1333 MHZ DDR 3

Any info would be great.

Thanks,