Hi !
I've taken a look at your proggy and I've got a question.
What is your goal exactly ?
Is it to crack the proggy or to reverse / unpack the packed stuff ?
Because, if you just want to register this software, you can try different approach to succeed in diong so.
What I've understood about this program is that the packer is not only a packer, but a layer added to the proggy. It uses a lot of excellent obfuscation techniques and is really difficult to trace into. In fact, the IAT is also partially destroyed and redirected to the protector's routines. Then, even if you unpack it, you can't use it because of the bad IAT.

This approach is the hard one... maybe it could be simpler to try to reverse the little "register.exe" program.
In fact, it's a piece of cake to do so. Unfortunately, the "working serial" generated by this external registering tool is not valid, because of this :

email : [email protected]
password : XXXXXXXXX=000000 <- This part (000000) only is tested in registered.exe and depends on the email entered.

Once registered, 2 keys were created by 'register.exe' in the registry :
- Code : XXXXXXXXX
- Mail : [email protected]

the 'XXXXXXXXX' part is tested in the main game program. But you can easily find where with SI.
Take a look at this :
CODE : 00446E0E or CODE : 00446E2B

So, I let you try by yourself.
hope it can help you.
bye.
(if you just want to defeat the packer, I'm sorry for this "no use" long piece of text.)