The port may be in use by another application.
Applications
Palm
Double-click HotSync Manager.
Change the "HotSync" section from Enabled to Disabled.
Choose the other tab at the top of the box.
Untick Enable HotSync software on system startup.
Try the connection again (no need to restart).
HDD
System Folder
Startup Items.
Delete the Serial Port Monitor alias.
Special
Restart
Try the connection.