I'm really out of options here buddy. If this wheel works on other computers but not on yours than obviously you have a problem with your hardware unfortunately. I would say its a Windows problem but you said you've tried installing it on various OS's.
My advice to you is to install a fresh copy of Windows XP or VISTA again by formatting your machine and see if it works. If it doesn't than it MUST be your motherboard that is faulty.

If it is a motherboard issue, i wouldn't bother buying another one as it would be too costly and a big hassle. See if you can get another wheel.