Why are some of the selections grayed out in the right click menu for the Object Explorer and say "Not Licensed"?
Licensed key being used does not grant you access to those features.
Enter a license key that will allow you to use those features. You can change license keys by selecting Help | Licensing in Toads menu.
Click here to review an outline of the different editions and features of Toad for DB2.
(Note, click the link "Toad-for-IBM-DB2-5-6-Functional-Matrix.pdf" for the full matrix)