This is what I would suggest...
How to Save a PNG File as a Brush in Paint Shop Pro
http://www.digitalscrapbookplace.com...ushes_ew.shtml
I mostly use Photoshop Elements and have my watermark as a brush. I find it is much easier (and faster).
Although you could just open the png file and then select and copy. Then open the image you want to add the watermark to and paste the watermark on top of that (on a new layer would be better).
(I don't have Paint Shop Pro anymore so I am not able to give you the exact steps, but I bet that someone who does have this will be able to give you that info.)