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Perhaps the 'wave' can be improved upon. I do not think that removing it would be a good idea, as it would look odd to have a ship moving forward at say 7 knots without it plowing through the water
You can leave the island by sailing out in first person view, or you use the sail to function to sail to another portion of the island. As for running the game on Windows 7, I am afraid it is an issue with the game itself. The mod actually stabalizes the game when running on xp and vista. Unfortunatly I do not own win7 so testing would be difficult. I will put it to the modders on the team and see if we can't figure it out.
Put the mod into your playlogic/Age of Pirates 2 folder. When asked, allow it to copy over your files.
To fix the audio problem, go here: Forum.piratesahoy.net
There is a bit to read, but it did fix my sound problems :)
To find something to do, try taking on some quests. You can go visit the residence on each island, or approach some NPC's and they may have quests for you.
As for being deader than a can of spam, its just going to take some practice. It took me a while to get the hang of the controls. Keep in mind that the 'shift' key is used as modifier in combat, so holding this button while using mouse buttons will have different effects. Check out the controls options menu to learn which each button does, and before you know it, you will be taking on 3 or 4 enemies at a time, and might only come out with a scratch