Joomla 1.5.20
VirtueMart 1.1.5
SecurityImages 5.1.2
Registration Validator 2 - 2.1.2
System - Registration Validator in Plugin Manager is enabled and configured with BotScout, Honeypot with API keys. All settings set as shown in configuration steps.

When I go to the site and register using
Name: fake
E-mail: fake@yahoo.com
Username: fake

It successfully registers the fake user.

This does not work at all. What am I missing?

Just to repeat what I've just sent you in email, as I believe it would be of use to others when testing RV2.

The email address fake@yahoo.com won't be blocked - there is no way that RV2 can determine that fake@yahoo.com isn't a valid email address (and it may in fact be valid). If it isn't listed in any of the spam lists that are checked (and it doesn't appear to be), then it won't be blocked - it has valid MX also (as yahoo.com has MX records).

To test if RV2 is working properly, try an email address listed on StopForumSpam (use any of those listed on the homepage www.stopforumspam.com/). These should be blocked. Let me know if there are still problems - I have not tested RV2 with security images, and as security images requires core hacks to install there may be issues (but not necessarily).