Do you TeraTerm set up for COM1 under serial port?
Also have you refered to this FAQ? It might explain a possibility of what's going on:
http://www.logicpd.com/su...q/faq.php?faq_id=173
Are there any error dialogues that come up?
Can you provide a step by step process for how you're trying to get things up and running?
Do you see two LEDs blinking back and forth on the baseboard?
Thanks,