I have 2 computers running your configuration (one is win7 ultimate and the other is pro, but both 64 bit) my main computer (ultimate) will not recognize my cnook - oddly, it does see my cnook if I use my standard nook cable (white cable) to connect. I was convinced I had a bad cable and B&N exchanged it (very reluctantly), but the new one didn't work either.
Recently I tried it on my alternate computer (win7 pro) and it works flawlessly. I tried finding alternate usb drivers for the "pro" computer, but with no luck - win7 keeps saying the already installed driver is the best one.