Got some questions for you. First of all, you mentioned that you tried to open the files from the CD. This would give you messages asking the whereabouts of database files, because the pointers are pointing to the hard drive. You can't run it from the CD. You will have to copy the files to the hard drive to open them. Make sure that you copy the files to the exact drive and directory that they were originally in. If you copied the entire directory on your CD, you will only need to copy the Project, Library and Images directories (unless they were located somewhere else). If you had/have your files in a different drive or directory in UFT, you might try reinstalling it in the same location it was before you upgraded, and they might restore then from the SQZ. Best bet is to copy the files from your CD to your hard drive.
Wishing you luck! Let me know how it works out! Ruthie