I have an MAudio Fastrack Ultra 8R and it works fine on Win 7 64 bit and even Win 8 64 bit. However, it is my backup interface, my primary is a Roland Octa-Caputure.
Assuming you have the correct (latest) driver, either the MAudio unit is defective, the USB cable is defective or some problem with the PC. As you state "upgraded to Win 7 64 bit", was the upgrade completed correctly with all correct drivers? Is the PC even supported by the PC vendor (or motherboard vendor) for Win 7 64 bit?