Run over to sysinternals.com and pick up TCPVIEW and PROCESS EXPLORER, if you don't have them installed already.
For some reason, the ADB daemon is terminating before the close socket exchange is complete. If you run (from the command prompt) "NETSTAT -o", you will see the socket (generally 5037) in CLOSE_WAIT state and the owning process number. Process Explorer won't show that process ID (the daemon terminated), and the process called adb.exe (which opened the socket) will be gone. (If adb.exe if found, try killing the task and see if things get cleaned up.)
Using TCPVIEW, locate the hung socket. The process name column will show the associated process can not be found. Right click, and select "Close Connection". The socket is now closed, and the adb daemon should be able to start.