i'm stuck on step iii, i followed everything dead on point and my computer reads my nook as "Disk drives.............B&N Ebook Disk USB Device (It says this twice) and on other device it has unknown device, when i try to install the drivers it says "windows could not find driver software for your device"
This is the only ADB/driver thread that actually worked for me on Win7 64--literally every other guide I tried failed. Apparently it's not easy to get ADB working for the Nook Color, as there are tons of posts on XDA about getting it up and running.
I was stuck as well and couldn't get anything working with windows 7/64bit. I installed adbWireless from the market (had to download to my phone and then upload to dropbox and then download to the nook) and I was then able to connect adb via wifi.
The trick that work for me was.
go to hardware manager, uninstall the two b&n hard drives.
go to nook color, should have yellow !
Nook Color turned into a android adb device.
Works fine now.
make sure that the nook is not plugged in when installing the drivers after you unzip the files. Have been trying to get mine to show for 3 days now. As soon as I deleted the two hard drives it updated the nook first time