I had a similar issue. After days of slamming my head against the wall and many forums, I finally got response from the device after the following steps:
Before going to the Emu's site, uninstall all drivers, files, etc. by using the uninstall feature that came on the original driver disc. If you don't have that you can use Window's add/remove programs but simply removing the driver won't work.
Once all previous drivers etc are removed, disable any onboard soundcards (don't worry you can enable them after everything's installed for your Emu). You can do this through device manager in windows.
Emu has a beta release for most of their soundcards on Windows 7 (including the 0404).
www.emu.com There's a big button on the first page that says "Windows 7 beta update for audio devices". That should completely install your card without issue.
Once everything is functioning properly you can inable any cards or devices you disabled earlier.
Good Luck.