Hey guys sorry to bump this again but I got it working in case someone else runs into the same issue on Windows 7 x64.
Trick was to install it and update to the latest patch available on their website, not the one you download through PowerDVD itself. It seems to be an older one but it fixes all issues with the original release and it works 100% with windows 7 x64.
CyberLink.5105_TaRe42_DVD090217-02 is the latest patch you can only get through powerdvd self updater and it does not work. In fact it will remove powerdvd completely.
CyberLink.4617a_TaRe38_DVD081201-07 is the latest patch you find on their website and it works great!
Hope this helps anyone with the same issue and thanks again for all the help guys