Ok guys, for those who's looking for a solution on how to make this adapter work in Windows 7 both x86 & x64, I've got an answer, and it's different from "crack it on the wall" and "throw this ____ into trash".
1. First of all, plug the controller into an empty PCI slot of your MB.
2. Run Windows, let it try to determine and install the device.
3. Regardless of failure/success, download fresh drivers from
http://www.trendnet.com/langen/downloads/list_subcategory.asp?SUBTYPE_ID=367 (check the version on the bottom of your card) and install them.
4. Reboot.
5. Go to "Network and Sharing Center" --> "Choose Homegroup and Sharing Options" and add the machine to a homegroup or create a new homegroup.
6. Uninstall Trendnet utility/software installed in Step 3.
7. Reboot.
8. Wait till Windows is loaded and then shutdown the system.
9. Unplug the power cord from your PC and then PHYSICALLY remove the TEW-423PI from the PCI slot. Wait 10secs and plug it back in.
10. Load the OS, Windows will recognize and install the adapter.
11. Reboot.
12. Finally, it works! If you're trying to connect to the network for the 1st time and theres an error, a yellow "!" in connection status bar, just REBOOT once again and it will work just fine.
Enjoy!