Jarance ur doing it right but with a wrong Driver or option this is what you should have done (i do not have the cable in the office)
There is a downloaded FTDI folder inside there is *Bus and *Port, Im using >>>ftdibus.ini>>> Serial Converter
Ive tried the USB to Serial too and set to COM Port 1 and it does detect... Its kinda hard for me to do this in office... but will uninstall it once i got home and do a proper tutorial (if i have time)
But for all of those Win 7-64bit user , IMHO there is a set of required level of 64-bit OS mastery to understand what are we implying in this forum. For once the driver are in different Architecture to communicate with 64 bit OS and the later would be choosing the right function you want the device to perform
In this case you want the SERIAL ---> USB to be read at the same time....
So your goal is to find the FTDI chip to communicate in Serial to USB mode to the program...
I hope it will help others in installing the driver...
All you need are these drivers:
x64 (64 Bit OS) (This includes XP, VISTA and Win7 64Bit Architecture)
FTDI d2xx (D2XX drivers allow direct access to the USB device through a DLL.)
http://www.ftdichip.com/Drivers/CDM/CDM20814_WHQL_Certified.zip
FOR SERIAL
(Virtual COM port (VCP) drivers cause the USB device to appear as an additional COM port available to the PC. Application software can access the USB device in the same way as it would access a standard COM port. )
http://www.ftdichip.com/Drivers/CDM/CDM20814_WHQL_Certified.zip