I received 3 great answers here although none of those described configurations really match the original configuration described in the question, but...
The last 2 answers (especially the one from @Nicholi) prompted to spend the time on yet-another-round of pulling my hair in an attempt to find a solution to an unexplainable problem.
And I found it! My own configuration now works on 64-bit Windows 7 and so the short answer is: Yes.
Here are the detailed steps, in order, that worked for me (cut & keep):
Step 0:
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****** UNINSTALL THE COMODO FIREWALL !!! ******
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Comodo Firewall, AKA CIS, turned out to be the sole problem leading to the time wasted between December 2010 (when I posted this request for help) and February 2011 (When I finally nailed the problem down). Note: Disabling the firewall doesn't help, only complete uninstall really works.
Step 1 (JDK 6 64-bit):
Create %JAVA_HOME%: C:\Program Files\Java\jdk1.6.0_23
Append to %PATH%: C:\Program Files\Java\jdk1.6.0_23\bin
Run: jdk-6u23-windows-x64.exe
Note: It is not necessary to install the JDK into C:\Java. Sticking with the Windows Folders conventions is preferred because it helps you remember which package is 64-bit and which is (still) 32-bit.
Step 2 (Eclipse Classic 64-bit):
Unzip eclipse-SDK-3.6.1-win32-x86_64.zip into C:\eclipse
Note: It is critical to have the eclipse directory directly under C:\ and not under "C:\Program Files" (otherwise, ADT Plugin install will incur missing packages problems).
Step 3 (SDK Starter Package AKA "Android SDK"):
Create %ANDROID_HOME%: C:\android-sdk-windows
Append to %PATH%: C:\android-sdk-windows\platform-tools
Run installer_r09-windows.exe and install to C:\android-sdk-windows
> Check 'Start SDK Manager'
> All are selected. Accept. Install. Yes, restart ADB.
Step 4 (ADT Plugin for Eclipse):
Help > Install New Software > Add...
Name: ADT Plugin
Location: https://dl-ssl.google.com/android/eclipse/
Check "Contact all update sites during install to find required software'!!!
Work with: All available sites
+ Developer Tools
+ Android DDMS 9.0.1.v201101191456-93220
+ Android Development Tools 9.0.1.v201101191456-93220
+ Android Hierarchy Viewer 9.0.1.v201101191456-93220
> Next
> Next
> Finish
> Restart Eclipse
Step 5 (Android Virtual Device):
Open Eclipse. Then:
Window > Android SDK and AVD Manager
> Virtual Devices [New...]
Name: AVD23
Target: Android 2.3.1 - API Level 9
SD Card: 1024 MiB
[Create AVD]