floyd,
Out of curiosity (and if you can be bothered)... If you have the USB drive for your Audiophile version, do you get the same error if you Navigate to \Realband on the USB drive and then run REALBAND.EXE from there? If the option for location of Realtracks, Realdrums and BIAB comes up, point the program to X:\bb, X:\bb\Realtracks, X:\bb\Drums where X is the USB drive.
Regards,
--Noel