like I mentioned, when you compile a level, (level.wmp) for example, it will create several extentions in your project folder. such as -> WMB, $$M, $$p, $$w... You only need to concern yourself with the wmb file, as it is the file used to load the level through script.
I think there is NO .wmp(p) file directly or maybe it's kinda 'level.$$M.wmb(p)' ,right?
where are your models placed? in a subfolder? if so you will need to have PRAGMA_PATH set up so te script can find those models.
I am sure I did the include and PRAGMA_PATH stuff right. I know I should do something ,but can't remember it.
Otherwise, you should take care to ensure everything is in the correct project folder, and that you didnt accidently save it to an arbitrary file, or location.
I am sure everything is correct. Normally, the problem is as follows:
WED deals with subfolder called 'levels' (in which the level files are in) as the WORK directory. Not only that, but when I add a path for the REAL work folder, ALL needed paths are added once and TREATED AS WDL RESOURCES ,so I can't add any models, sprites, sounds or anything
EDIT: Look into pragma path

Man, I swear it is not PRAGMA_PATH! LOL