Cyborg Rumble Pad V.5 not Recognized by Windows 7 (64 bit)  

Solved !
Surprisingly, I found a solution in another manufacturer's website xD
So, if someone else have a similar problem to mine, here's what should be done (most of it is taken from the link):

1. Install the Xbox 360 Accessories Software for your specific OS.
2. Restart the computer.
3. Plug in your controller.
4. Open the "Device manager" (you should notice the yellow triangle near the controller's entry, in my case, the entry name is "Saitek Cyborg Pad for PC/Xbox 360 (HID)")
5. Right-click on the controller's entry > "Update driver software".
6. Click "Browse my computer for driver software" from the pop-up window.
7. Click "Let me pick from a list of device drivers on my computer" from the next window.
8. Scroll down to and double click "Microsoft Common Controller For Windows Class".
9. Select "XBOX 360 Controller For Windows" from the list and click the "Next" button (for me, several entries matched that name, I chose the first one).
10. Click the "Yes" button on the "Update Driver Warning" window.
11. You should now have a new entry in the Device manager's "Microsoft Common Controller For Windows Class".
12. Almost there! If you open the Window's "standard" gamepad control panel and use the controller... nothing would happen (for me, at least, nothing happened )
13. Unplug the controller.
14. Run Saitek's drivers which can be downloaded from their website.
15. When it asks to plug the controller in, do it, then, hopefully, the "Next" button wouldn't be grayed, so you can click it.
16. Follow the rest of the setup procedure.
17. Enjoy one of the best game controllers ever made :)

Bonus track: if you want to do more with the Cyborg Rumble Pad (it should also work for any other game controller in general) check these two links: Xpadder and XBox 360 Controller Emulator