http://social.msdn.microsoft.com/Forums/en-US/microsoftdeviceemu/thread/c3bc80fa-ed59-4ce7-bf42-3f77f85e9574
I have a very simple solution to this problem.
No need to Uninstall and install anything.
1. Just disable Bluetooth or Modem whichever is using the COM port.
2. Run the following commands in command prompt:
"C:/Program Files/Windows Mobile 6 SDK/Tools/Cellular Emulator/InstallXPVCom.exe UnInstall"
"C:/Program Files/Windows Mobile 6 SDK/Tools/Cellular Emulator/InstallXPVCom.exe Install"
3. Start the Cellular Emulator
4. Now you can enable ur disabled device
I hope this will be helpful....
Regards
Avinash