Just cranked up an ancient Arduino USB on my new Win7 64 bit,and like a dope didn't install the 64 bit driver. Don't be a dummy like me, get the FTDI 64bit VCP called CDM20808.zip from the FTDI site.
I fooled around for like an hour troubleshooting error messages until it occurred to me I didn't install the right drivers. Even when I let Windoz find the drivers on the Interwebs, it installed the wrong ones.