Thank you all.
With w2ks native auditing I was able to see what files were accessed without rights, and ntregmon showed me what registry key it was failing to write to.
(HKLM\Software\Nokia\Datalayer)
Boy, the ntregmon util listed like 100 events every millisecond

Had some job to find the correct failure. (there were like cazillion of notfounds and bufferoverflows)
It works flawlessly now.
-M