Thanks all who tried to help me.
The good news is - Problem solved.
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I received a response from the Imagining Source people the next day. They couldn't pinpoint the problem for me at that time but suggested 3 things: 1. Could be the usb cable. 2. gave me the link to the latest IC capture software. 3. Gave me the link to the latest driver.
I was wondering which way to go about it but didn't seem to be in much of a rush about it due to all the cloudy weather we've been having lately and my limited knowledge of trying to solve computer problems.
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Anyway, tonight I took the plunge and downloaded the latest capture software from the link they gave me i.e. IC Capture 2.2. The camera started up fine.
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Now for the wait for the skies to clear up. Opposition of saturn fast approaching.
I hope this helps anyone who might experience this problem in present or future.