Yes, I have BIAB 2008.5 installed (build 256? I think? - I could be wrong about that I'll have to double check it when I get home).

I put all of my real tracks and real drums on a separate drive from the program. they are located here: e:\bb\RealTracks and e:\bb\Drums

this is the same location that the original 2008.5 BIAB and RB were installed into and that's where the other real tracks and real drums exist.

yes, I tried opening BIAB first and I even tried "fooling" BIAB by changing the directories of where BIAB looks for the real tracks and real drums, then changing it back and clicking update each time. no go.