I've been told to uninstall Rank Tracker and reinstall it. But I don't see a way for me to uninstall only rank tracker. I am assuming they want me to uninstall SEO Powersuite completely. then reinstall everything. Am I correct???

Usually you can reinstall Rank Tracker separately, doing it the regular way, removing from the Applications folder or from the Program files one (depending on your OS, Mac or Windows). However, you can as well uninstall the whole suite and redownload it from http://www.link-assistant.com/update.html