This file seems to be a directshow filter, at least by looking at the file name. Probably the GPU accelerated encoder. Unfortunately I cannot test it right now as I'm on an nvidia config now. But I do have a suggestion for a workaround.
1. Locate this file. It's probably in system32 or syswow64 but it can be elsewhere as well.
2. Once you have it, open an admin command prompt and type the following:
regsvr32 -u ((full path))\atiokax2.dll
Example: regsvr32 -u c:\windows\syswow64\atiokax2.dll
Then press enter.
3.If you get a message, that the dll was successfully unregistered, then it probably worked. Reboot.
PowerDirector should now open successfully, though you probably lose GPU accelerated encoding.
Note: to revert the whole thing (in case it succeeded), use the same command line without the -u.
PS: Bioshock 2 tip: Most likely a GFWL issue. Remove it, then download and install the latest one from the xbox live website. Also check if the stereo mix is enabled in your sound recording devices.
CPU: AMD Phenom II X4 810 @ 3250MHz | RAM: Kingmax 2x2GB DDR2 800 @ 833MHz| MoBo: MSI K9A2 CF v1.0 (BIOS: 1.D)| GPU: Asus HD 6850 1024MB (DirectCu) @ 850/1100MHz | Display: Chili Green Vision L24FHD | PSU: PC Power & Cooling Silencer 750 Quad | OS: MS Windows 95 x64 Edition
CPU: Pentium 4 Northwood S478 @ 3200MHz | RAM: 1,5GB DDR 400| MoBo: Gigabyte GA-8S661FXMP-RZ | GPU: Abit Geforce Ti 4200 | Display: Dimarson 19" CRT | PSU: Noname 400W | OS: MS Windows XP Pro, Fedora 18