I have no idea how to help you with the registration problem at their forum. Try using another email provider(you used hotmail to register here) as they may have it banned like we have other providers.
Now, if you read the warning at the pcsx download page you will see that you can only use the VM version with XP Professional or XP Home SP2. Since you are using Home that probably means that you don't have service pack 2 installed.
In any case try running pcsx2t.exe which has no VM.


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