I just tried to open up Axe Edit to go back to 5.01 and it will not even open up now. It crashes before opening. I deleted and re-installed it and it still crashes when you try to open it. I tried to open it with the Axe on and with it off with the same results. Axe Edit won't open at all up now.
You probably need to delete the setting file
in win 7 it is located C:\Users\your_username\AppData\Roaming\Fractal Audio\Axe-Edit 1.0\Axe-Edit.settings
in XP
C:\Documents and Settings\your_username\Application Data\Fractal Audio\Axe-Edit 1.0\Axe-Edit.settings