Arduino not recognizing external serial ports

Arduino is not recognizing any external ports. When I look at the screen the Tools > Serial Port is ghosted out and the message on the bottom of the window says, "Arduino Diecimia or Duemilanove w/ ATmega168 on COM1."

I'm using a Lenovo PC with Windows 7 and I've previously programmed this Arduino on this computer before. But since that was a long while ago, I updated to 1.0.5 and I've also updated the driver.

If anyone knows how to address this problem, I would be very appreciative.