Code:
//================================================================
// SAMPLE SCRIPT FOR TWO WOW'S ON ONE PC 
//
// Instructions: Copy this entire script (all the blue writing
// on gray background including comments). Save it in a file. 
// Load it into HotkeyNet.
//
// Toggle the scroll lock key to turn hotkeys off and on. (You 
// can change this if you want, just like you can change 
// everything else with HotkeyNet.) 
//
// Requires HotkeyNet build 147 or higher.
// 
// For more info, go to www.hotkeynet.com 
//================================================================

//-----------------------------------------------------------
// PRESS CTRL R TO RENAME WOW'S IF YOU LAUNCH THEM MANUALLY 
//-----------------------------------------------------------
<Hotkey ScrollLockOn Ctrl R>
    <SendPC local>
        <RenameWin "World of Warcraft" WoW1> 
        <RenameWin "World of Warcraft" WoW2> 

//-----------------------------------------------------------
// SUBROUTINE TO LAUNCH AND RENAME A COPY OF WOW.
//-----------------------------------------------------------
<Command LaunchAndRename>
   <SendPC %1%> 
      <Run "c:\users\ravyn\desktop\World of Warcraft\WoW.exe">
        <RenameTargetWin %2%>

//-----------------------------------------------------------
// HOTKEY TO LAUNCH AND RENAME BOTH WOW'S.
//-----------------------------------------------------------
<Hotkey ScrollLockOn Alt Ctrl L>
    <LaunchAndRename Local WoW1>
    <LaunchAndRename Local WoW2>

//-----------------------------------------------------------
// DEFINE MAIL LABELS FOR SENDING KEY STROKES 
//-----------------------------------------------------------
<Label w1 Local SendWinM WoW1>
<Label w2 Local SendWinM WoW2>

//-----------------------------------------------------------
// DEFINE HOTKEYS FOR ALL KEY COMBINATIONS THAT WILL GET
// SENT TO BOTH WOWS. ADD MORE KEY COMBO'S IF YOU WANT. 
//-----------------------------------------------------------
<KeyList MyList 0-9, Numpad0-Numpad9, Divide, Multiply, NumpadMinus, Tab, NumpadPlus, Backspace, Insert, Home, PgUp, PgDn, Delete, F1-F12, Esc, Oem1-Oem7, except OEM2, w, a, s, d, q, e, x>
<Keylist All 0-9, A-Z, Space, Esc, Enter, Tab, Oem1-Oem7>

<Hotkey ScrollLockOff MyList; CapsLockoff Shift MyList; CapsLockOff Alt MyList; CapsLockOff Ctrl MyList>
    <SendLabel w1, w2>
       <Key %Trigger%>
<Hotkey ScrollLockOn All>
    <SendLabel w1, w2>
     <Key %Trigger%>
//-----------------------------------------------------------
// DEFINE MOVEMENT KEYS THAT WILL GET SENT TO BOTH WOW'S.
// ADD MORE KEYS IF YOU WANT. 
//-----------------------------------------------------------
<MovementHotkey ScrollLockOn up, down, left, right>
<SendLabel w1, w2>
<Key %Trigger%> 

//-----------------------------------------------------------
// BROADCAST MOUSE CLICKS. HOLD DOWN OEM3 (ON U.S. KEYBOARDS,
// THAT'S THE SQUIGGLE KEY IN UPPPER LEFT CORNER) WHEN YOU 
// WANT TO BROADCAST.
//-----------------------------------------------------------
<UseKeyAsModifier Oem3>

<Hotkey ScrollLockOn Oem3 LButton, MButton, RButton, Button4, Button5>
   <SendLabel w1, w2> 
      <ClickMouse %TriggerMainKey%>
You have to make sure you don't try to send to undefined labels. You can define them and not load a window which will create a short error on every hotkey press, but you can not try to send to an undefined label. If you look on HKN below the actions window there is a button labelled "show loaded hotkeys," had you clicked on this during testing you would have seen only 16 keys from your original code were loading and the rest were resulting in an error.

It helps to simplify your code in order to troubleshoot as well.

If you still have trouble with the code I posted above it is likely a setting in WoW. As all of the keys you have defined are outputting as they should.