I'm afraid I can't help - but I do have exactly the same problem.
Presenter 7 with PowerPoint 2003 on XP.
The installation apparently works OK including entering code.
The Adobe Presenter menu appears in PowerPoint, but any click just does nothing.
In addition, I can't see anything in the Tools->Add-ins dialog (not sure if it should appear there).
I've also checked the Disabled Items in Help About (nothing there at all).
I just have no idea what might cause this.
No messages from the installation (which I've tried several times).
I've also disabled my anti-virus and SpyBot S&D.
Anyone got any ideas?