I finally got a live view by re-installing Bitnami (unfortunately I lost all the posts and images stored in the MySQL database when I did the re-install) and by using the following settings for the Dreamweaver site manager:
Local Site Folder - C:\WordPress\apps\wordpress\htdocs
Local Server Folder - same as local site folder
Web URL: http://127.0.0.1/wordpress/
Now, when I connect using the 'split' 'live' buttons under the 'Designer' view, and open the index.php file, I see the actual code on the left side of the split screen and the front page of my website on the right ('live') side of the split screen. HOWEVER, I still get an error message above the two split screens that states 'Dynamically-related files could not be resolved because the site definition is not correct for this server'. I have no idea what this means, or how to correct it.
Consider using DesktopServer for your desktop server. Unlike Bitnami, it specifically supports both WordPress and Dreamweaver and is the only server that enable's Dreamweaver's WYSIWYG mode with WordPress theme files.
Thanks scarroll. I'll look into this.