Check device manger to see if the OS detects the phone as connected hardware, if yes then right click and install the device and hit refresh and let it install again. Also make sure you update the Nokia USB drivers before reattempting again
Okay, so now I got the tool to recognize the phone when I plug it in. But, it says that it cannot read the data on it! I reinstalled the tool as suggested by itself, but that didn't help :/