It's unlikely to be doing anything, per se. However, it's [fairly] simple to prevent VideoStudio from adding this key each time you run ti.
Start...Run...regedit...OK to start the Registry Editor.
Make your way down to where the key gets inserted--on your system:
HKEY_USERS\S-1-5-21-1177238915-1993962763-839522115-1003\Software\Softwrap\
If there's a subfolder (i.e., Adtracker), delete it. However, keep the empty Softwrap folder there, or, if you're doing this after Spybot has cleared things out, add the empty Softwrap folder back as a subfolder of Software again. (Right-click on Software, select New...Key and type Softwrap for the name.)
Now, Right-click on the empty Softwrap folder. and select Permissions. Select each of the Group or user names in turn, and check the Deny box down below for each one. (The Read box will also get a check mark in it, that's normal.) Once you've done that, click OK, close the editor, and you're down.
That's it. What you've done is to refuse permission to any program or routine to write any data to that empty Softwrap key in the registry. So the next time you run VideoStudio, it won't be able to write anything there, and there will be nothing for Spybot to comment on when you run Spybot again.
