Tested upto version 1.3.1. Likely will work on later versions also!!!

1) Sync both files to palm using hotsync. Do not sync to memory stick.
2) Run Key-Man on palm.
3) Select Liberty 1.1 with stylus and click execute.
4) Seclect Calculate.
5) Done! Run Liberty. You will notice it now says registered at the bottom.
6) You can safely delete the files Liberty 1.1 (2.9K) and Palm Keygen Maker (11.5k) from your palm pilot. Do not delete the new file Gmbt keygen (0.3k) or Liberty (101k) as this is the new registered key and the emulator respectfuly!
7) Enjoy!