Can't browse SharePoint Plugin in Windows 2008 (4043256)

Date - AUG 2009
Affected Product & Version - NVBU 8.2.2
Affected Module & Version - SharePoint APM 1.1.3
OS Version - Windows 2008
Application Information - MOSS 2007


Symptoms:
Can't Browse Sharepoint Plugin

Trace shows
0 SPUTIL :7192 819 0 155817 C:/Program Files (x86)/BakBone Software/NetVault/bin/spbrowse.exe failed with return code -1066598274
...
4 PLGLIB :7192 338 0 155817 PlgCreateLabel(009DFEC0, 0017FA48, 0, Unable to browse SharePoint. Ensure that the SharePoint services are running and the user account provided has the correct privileges.)

Windows Application Logs show
Faulting application spbrowse.exe, version 0.0.0.0, time stamp 0x49bfc9ef, faulting module KERNEL32.dll, version 6.0.6002.18005, time stamp 0x49e041d1, exception code 0xc06d007e, fault offset 0x00000000000176fd, process id 0x14c0, application start time 0x01ca11f7b582bdbc.

Version 1.1.3 of the SharePoint APM does not support being configured to use any user other than administrator. This is due to enhanced security in Windows 2008, which the APM has not yet been fully integrated with.
Also ensure that all the requirements for local administrator groups and SQL permissions in the SharePoint APM Guide have been met, as these can also cause this problem.