I managed to fix this problem by googling. All I did was changing VID and PID to what I have in Bus Pirate and then naming it nicely at the end of INF. Voila! I was able to update driver software.
I am not specialist in this area, so I am just telling how I hacked it for myself. Maybe you can make better use of this info and implement out-of-box installation on win7 x64 I am attaching hacked INF file that I used successfully
Issue reported on code.google.com.
You can get a Bus Pirate v4 for $40, including worldwide shipping.