Working on Windows 64-bit, in Toad's connection window, the dsn is not found in the drop down, and when going into the ODBC Data Source administrator window (from within Toad), the ODBC driver cannot be found. The driver is installed.
If going into the Windows's Data Sources administrator window manually, the driver is there and the dsn can be created, but it still can't be found when accessed through Toad.
Install a 32bit ODBC driver. The 32-bit driver and dsn created should show up and can be used to connect.
Note: Verify the Windows 32-bit ODBC Data Source Administrator window by manually navigating to "C:\Windows\System32\odbcad32.exe" (from Windows Administrative Tools). Windows 64-bit systems will have 2 Data Source Admin windows. One for 64-bit drivers, and another for 32-bit. Since Toad is a 32-bit application, it will access the 32-bit admin window only.