Do you have an official 360 controller or a third party one (eg. MadCatz)?
I've got a MadCatz 360 Pro. I had the same problem as you but I managed to fix it by adding a line to the .inf file included in the download at
http://matt-land.com/xbcd/
Basically you have to go into Device Manager and find your 360 controller entry. Then right click and go to properties. Go to Details. Select 'Compatible IDs' from the drop down list, and select the third entry down or the one that looks most similar to the ones in the .inf file. Mine was:
USB\Class_ff&SubClass_5d
Now ctrl+c to copy that text. Open up the xbcd .inf and add a new line. My entry looks like this:
%XBCD.DeviceDesc% =Install, USB\Class_ff&SubClass_5d ; MyMadCatzPad
Then save & close. Run the Install.bat in the same directory and then update your controller drivers in the device manager as detailed above. Worked for me!
Good luck!