I don't mean to sound like a bad guy here but it seems to me that the drivers aren't installed properly, even though you stated that you've installed them already.
Try again:
1. Disconnect the Wheel.
2. Uninstall the Wheel driver by pressing Start > Control Panel > Device Manager. Or right-click your My Computer icon and select Properties. In the Properties window, select Device Manager.
3. Restart your computer.
4. Plug in the Wheel and install the drivers from this link:
Software
This better work!!!
