hmm.. strange.
I have tried to do the same as what happened to your WED:
1. Move the project window out of the WED screen. It then disappears, and just as you say, there seems to be no way of getting it back. view/toolbars says that it is shown.
2. But deleting WED.CFG did work for me. Just to be sure: you have to do the following:
- close WED (and every other gamestudio application)
- go to your Gstudio 7 folder (default: C:\Program Files\GStudio7)
- delete 'WED.CFG'
- restart WED

This worked with me, just as Nidhogg said.

If this doesn't work, I'm afraid you will just have to try reinstalling Gamestudio.