LPT1 is your printer port, I'd guess you are not using the Megabuild version that includes better support for communication over LPT1 or that you've failed to configure DOSbox to do so. Unfortunately since this is non-game software you are unlikely to get too much support here.

"Software sentinel" sounds like some form of copy protection dongle, meaning that whatever computer you were originally running "wm2" on had a little doohickey plugged into the back that needs to be there for the program to run. (This is a form of copy protection, since instead of just copying the software to another computer in order to have two copies, you would need to buy another dongle from the software vendor first.)

There have been threads in the past about getting dongles to work with DOSBox; a Google search for <"software sentinel" dongle> also suggests that there are numerous entirely separate projects out there for emulating such a dongle.