Windows 7 - Windows 7 Basic Premium Does Not Detect My Flash Drive

I have a strange problem with my Acer Aspire 4738 notebook running Windows 7 Basic Premium 64-bit. In short, when I click Devices and Printers, my brand new Lexar flash drive (windows 7 compatible) seems to be properly connected to its USB port, its driver installed, and everything looks OK. But when I click Computer, the flash drive does not show up.

I have already tried these two options, but neither works.

First option, Computer -> Manage -> Disk Management.
When I try to change the letter drive of the flash drive, an error message pops up: “The operation failed to complete because the Disk Management console view is not up-to-date. Refresh the view by using the refresh task. If the problem persists close the Disk Management console, then restart Disk Management or restart the computer." (I have done that but it doesn't help)
And when I try to format the flash drive (i thought it might help), another error message pops up: “An unexpected error has occurred. Check the System Event Log for more information on the error."

Second option, Computer -> Manage -> Disk Drives.
I uninstalled the flash drive, removed the flash drive physically from the laptop, and plugged it in again in an USB port. My computer detects the flash drive, installs its driver, but then again when I go to Computer, the flash drive doesn’t show up.

Any idea of what might be the problem?

Thanks

Mediationplus,

Just a quick pass by here...

See if the links below can provide you with any useful information...

Open the Hardware and Devices troubleshooter

Update a driver for hardware that isn't working properly

Flash drive not detecting in Toshiba laptop running Windows 7 - Microsoft Answers

Windows 7 - Notices but does not 'see' external usb hard drive