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I'm writing this post in case somebody comes across the same problem.
Hardware
Track IR 4
ATI Radeon HD5670

Software
Track IR 5.1.3 Final
Windows 7 64
ATI Catalyst Control Center

I freshly formatted my PC last night and reinstalled everything.
I installed the Track IR as normal and my Track IR 4 was showing in the device manager.
When I tried to open my Track IR 5 software I got a small white box with the message ERROR and then the software closed.

I searched these forums but couldn't find the exact answer.

I came across this post which reading through mentioned Open GL.

I remembered I'd set an Open GL option in the ATI catalyst software that comes with my Video card driver.

The option I set was called Triple buffering and once I un clicked it my Track IR worked perfectly.
Image here http://imageshack.us/photo/my-images/829/atih.png/

I hope this helps somebody that had the same problem I did.

Interesting. I can't replicate causing problems with triple buffering on nVidia boards, however I'll throw together an ATI machine and give it a shot there.

I had the same problem like u
and i solved it on the same way!!! very good

thank you!

Same problem here, same solution: disable the Triple Buffering option in Catalyst Control Center.