hey slinky,
yes, Hubi is somewhat cryptic to setup, however...
Hubi is to be installed as hardware, not software (this has something to do with fooling Windows, or something).
So, assuming you already have Hubi's Loopback device on your harddisk, here's the plan:
(excuse me if I translate some of the windows folders incorrectly, I'm using the Dutch version)
1) Choose 'Control panel' - 'Add new hardware'
2) If windows asks to search for new hardware, choose 'no' and then next.
3) Select 'Sound, Video and games' (or such) in the next window
4) Choose 'have disk'
5) Browse to your Hubi's folder and select 'oemsetup.inf'
6) click 'OK'
7) select a directory to install in
8) Now you should be able to select Hubi's device, do so accordingly (duh..)
9) In the Hubi-panel you can select the number of ports (I needed only two, so to save my resources I disabled LB3 and LB4)
10) restart your computer
If you later wish to add/remove ports, you can do that again in 'Control panel' - 'Multimedia'
...hope this works for you.
greetings, Tabnak