Windows Mobile Device Center does not connect to emulator

I have a Windows 7(64) machine where the WMDC does not connect to the emulator.  

Normally this "just works", but not in this case:
1) Start WMDC
2) Start VS2008
3) Tools / Device Emulator Manager
4) Right-click on device (e.g. Windows Mobile 5) and select "Connect"
5) Right-click on device again and select "Cradle"
6) In WMDC, uncheck DMA and click ok, and then go back and check DMA.

Normally you'll see a brief dialog box on the emulator about "User Authenticated", etc. and the green wheel spins on WMDC, after which you get connected.  But on this machine, all that happens is that the emulator shows a dialog "Connecting..." and then "User Authenticated", but nothing happens in WMDC - it stays at "Not Connected"

I have disabled the Windows Firewall.

I am thinking about fully uninstalling and reinstalling WMDC, but I am not sure how to properly do that.  Here is why:
In "Programs and Features", I have this installed (same as on other machines, where it works fine):
Windows Mobile Device Center, 27.4 MB, 6.1.6965.0
Windows Mobile Device Center Driver Update, 44.3 MB, 6.1.6965.0

However, on the Internet I can only find this installation for WMDC:
http://www.microsoft.com/download/en/details.aspx?id=3182 (drvupdate-amd64.exe), which is only the driver update.
I seem to recall that the actual WMDC installation files are under C:\Windows\WindowsMobile, but I am not sure.

I could use some help with resolving this.  If someone knows the proper procedure for fully uninstall and reinstall WMDC, that would be a good start...

Thanks,
Lars