Mine had the same problem - that was on my old computer with Vista, my friends computer with Windows 7 and my new computer with Windows 8 (I installed the i1 right after installing Windows 8 - it still cocked up). I also had problems with the Look Up Tables after I got my computer to recognise it, also its light would start flashing rapidly after about 2 minutes for no reason other than to remind me I paid too much for it. Didn't realise that I would have to educate myself in the workings of USBs when I bought it...
I trawled the internet back when it happened but can't find the links now. From my memory, after the i1 Display Pro cocks up you have to remove it and, basically, give it some time to calm down and turn your computer off - and disconnect it from the mains for a while so absolutely no power is going through the motherboard (forcing it to reload the drivers when turned on)*.
* Well that's what I read, but in practice I could just unplug the device, restart my computer and plug it back in 15 or so minutes later.
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Edit to add a bit, from my poorly educated mind: The i1 Display Pro is a USB Human Interface Device which I believe means that it and your computer should get along like buddies as soon as they meet - no need to install a driver for it (hence why I could never find one on the CD or website). However the i1Profiler acts as a dysfunctional middle man - so the very first time you connect the device it feels at home with your computer, then you load up i1Profiler for the first time and it starts screwing up the situation and causes the device to crash. After that the computer rejects the device, reporting it as malfunctioning, and seemingly never forgets that it has malfunctioned until you disconnect them from any means of electricity, so as they can start their relationship afresh when the computer is powered up again and the device is then connected. Problem for me was that the software was causing to the problem to repeat, finally I had to reinstall the software. Sadly not just any old reinstall (frustrated and not too rationally I combined all the advice I read online that made sense and assumed that they would work when applied together - by chance it did):
1st - remove the device
2nd - uninstall the i1Profiler and all other software associated with it and delete any folders left over in the program files
3rd - restart the computer
4th - uninstall antivirus software (might not need to do this)
5th - restart computer
6th - turn off Windows Firewall
7th - Disable User Account Control - in Control Panel search for User Account Control and change setting to Never Notify
8th - restart computer
9th - have a biscuit
10th - install the software off the CD, and do the restart.
11th - cross fingers and connect the device
If that doesn't work, then I'm sorry for adding to the frustration. If it does work then profile your monitor (perhaps twice, with a restart in the middle because it has become habitual by now), return your User Account Control to how it was before, turn on your Firewall if you wish and reinstall your antivirus software. Do one more profiling of your monitor and a victory dance.