I've seen a few posts over the days with people upgrading to Reason 5 + Record having issues getting it to work. I just completed it and all is well. I hope this helps someone that is having trouble. Hopefully it's not a repost.
Reason 4 and Record 1.0 (if you have any personal files
stored in the Reason/Record folders, please make backup copies before you uninstall)
2) Go to www.propellerheads.se/upgrade
(do this before installing to get it out of the way)
3) Login with your normal account
4) Choose your software upgrade (i.e. Reason 1/4 -> Reason 5)
5) Enter the Upgrade ID and Verification number with the dashes
6) ** Select your OS platform (I forgot this the first time and it gave me an error "Apparently something went wrong...")
7) Submit your info
8) Check your email for the new License number that you will enter into Reason 5.
9) Install all your software
10) Run Reason and enter the emailed License number into Reason went prompted.
11) Reason Upgrade Complete
Continue for the Record part of the registration:
12) Install and start Record
13) CodeMeter will open a window and prompt you with a Launch browser button.
14) Click the Launch button
15) Propellerheads registration page will open
16) Select the Record 1.5 license that should be already generated
17) Procede with the registration of the new code
18) Your Reason 5 license will need to be added to the Ignition key, so you might as well add this while you are here. If you are having trouble finding it, check under Your Products on the account page. Select Reason 5 and click "Manage License" and then Authorize! on the following page
You may also need to tell Record where your Reason installation is. In Record, open the preferences and choose File Locations to fix it. Then restart Record. Make sure you pointed it to the correct install. If it's pointing to your old Reason 4 folder or the demo, it won't work.
I might be missing a "Next button" click or two in the details above, but that should give you the general idea. I hope that helps.