I have an encrypted Integral USB stick with LOCKV231.EXE
I was hoping that I may be able to use it in Kubuntu (12.4) through Wine, but when I right-click LOCKV231.EXE and select: 'Open with wine windows program loader' I get a message saying: "Please insert the device or run this utility as privileged user."
How can I load LOCKV231.EXE into wine with admin privileges?
You can't unless you can find a linux clone of that software:
You should be able to do it with virtualbox with usb passthrough and extensions for full highspeed usb support.