If you are labeled correct, you are going Rx->Rx/Tx->Tx and it is not the "BAITE" board, you will need to cross the connections Rx->Tx and Tx->Rx. When you upload, you will need to hold the reset and wait till the Tx on the USB2TTL board Tx LED Flashes 2x. You might want to test with the UNO Optiboot and the Duemilanove 328 boards in the Arduino IDE.Later, you might want to hook up a 0.1uF cap to Atmega pin1 and your USB2TTL RST (DTR?).
I would guess the Windows driver is not installed. Can you open your device manager and verify the FTDI USB serial driver? Write back and let me know; I'll monitor this thread.
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