I had this problem and struggled quite a bit with it, it was beyond frustrating!
I finally did the following to get it to work:
1) I completely uninstalled everything Apple related.. iTunes, Quicktime, Apple Mobile Device Support, Bonjour, etc. reboot the computer so everything is out of memory, cache etc...
2) I plugged in my apple device and installed the drivers for the device (in my case it was an iPhone), and then rebooted.
3) When started up, I got a notice that I needed to update my apple installations, from Apple Software Update, which was essentially the same thing as installing everything fresh as I had previously taken everything off my computer
4) When I ran all of the installations from the Apple Software Update then I had no problems at all. This is the key to the solution...to run it from Apple Software Update, vs downloading the installation off of the website.
I am not sure if plugging the device in first helped or not, and/or if you could just pull down apple software update from the website, but that was what I did, so I thought I had better list it.
Hopefully this works for others, as I was at the end of my rope. It appears that the download from the Apple website has some sort of glitch for Windows 7 64 bit that the Apple Software Update does not.
Good Luck!