I found the solution with a google that brought up photography-forums.com and the answer was in post 7 here:http://www.photography-forums.com/womble-update-check-doesnt-work-t98579.html
Basically, you need to delete the MVW Current Project.wbpfile located in
C:\Documents and Settings\********\Local Settings\Temp and let it rebuild it.
Woohoo!