I thought there was a free forever version. The subject banner and a periodic tone is included in an exported video.
@craigroser sounds like you have not activated the software correctly, could you confirm what it says in Options->Activation? It may be you have no restarted since activating.
@craigroser Also, double check that you have indeed downloaded the Express (free) version, and not a copy of Pro running in Demo mode. That one will always have a watermark to it whereas Express (when activated is free and no watermarks.)
This is the page for Express in case you got Pro by accident:
@craigroser How strange. The only reason I know it might try to connect to a Youtube video is the Splash screen when the program opens has links to Youtube tutorials and such. Other than that the Activation process has no connection to Youtube that I am aware about. I'll let @TheBenNorris try to sort you out further as he is far more qualified than I in these matters.
@craigroser It's going to be easier if you contact our support team directly and allow them to try to guide you through the process. It would also be useful to find out this way how you're ending up where you are.