Xway (like any other application) doesn't actually do anything until you run it. If it isn't visible, that's the Finder's (and system's) responsibility.
Another way you could try to locate it is to open the Applications folder and choose Find from the bottom of the File menu. Type "Xway" in the search bar and click on "Applications" next to "Search: This Mac".
If that doesn't work, it might be worth running Disk Utility to see if you have any kind of disk problems.