Western digital windows Ultimate x64 My Book Live software will not run

I have a newly loaded Windows 7 Ultimate x64 desktop system.  It has all the Microsoft update patches installed.  I installed the software for my My Book Live from the WD webisite and the drive has the latest firmware update.  I used the same media to install Windows for both system loads.

What I can do:

I can access the drive through Windows Explorer using either the My Computer route or the Network Route after username / password verification.

What I cannot do:

Use the Smartware software to access the drive.  When I double click the icon in the All Programs section, the icon for WD software shows up in the System Tray but when I attempt to open the software nothing happens other than the “system busy” hourglass spins for about 2 seconds then stops.

I am unable to see any software that I formerly used for this drive (no, there are no previous versions of software loaded on this system … as I said it is a fresh load) to configure and verify that the backup software is working for my PC.  I have tried both installing and running the software both as administrator and as limited user with the same results.

I have about 20 years of IT networking and PC troubleshooting experience so I have a pretty good idea of why things work and what needs to happen to make things work, but I have never seen a problem like this.

Thanks in advance for any help you can give.

Ok so just to review, you have the latest adobe flash and java updates?

Yes, have the latest and greatest of both.