Packetcollector is a programm that is mainly used, to sniff the datastream of a Life EQ game session for packets.
The programm can filter out items you have in Inventory, Bankaccount or found on Merchants.
(Inspect is not sufficent)
If not otherwise configured the collected Items will be sent to the Gotfrags Database when you end the program. (Ctrl - C)
The reason that you cant start PC5 is because you need also pcap installed.
Link :
http://netgroup-serv.polito.it/winpcap/
If your using XP i recommend using the Beta rel.
Hope this helps
Regards
Gino