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I haven't ever seen this, but two shots into the blue as to what might be the problem: I think this could happen if OW doesn't have write access to the directory or the file it wants to write the preferences to, or the disk where it tries to write to is full.

So maybe you could check the permissions of the directory Library/Preferences in your home directory and those of the file Library/Preferences/com.omnigroup.OmniWeb5.plist – which is the file you want to copy to save your preferences, too.

"Disk full" is not too probable, as you'd have a bunch of other problems, too, and not only with OW. This might only be the case if you have Library or Library/Preferences mounted on another disk.

As for the license: I don't know. ;-)

Best regards, Christian