I found this solution on EmacsWiki:
"The problem is the ownership of the directory ~/.emacs.d/server when you also have “Administrators” rights on your account. Create the directory ~/.emacs.d/server and set the owner of this directory to your login name and the problem is gone. As I have a “Dutch” version of Windows 7 I don’t know the English terms exactly but here’s the procedure:
Click R-mouse on ~/.emacs.d/server and select “Properties” (last item in menu). From Properties select the Tab “Security” and then select the button “Advanced”. Then select the Tab “Owner” and change the owner from Administrators (<your-pc-name>Administrators)
into <your-login-name> (<your-pc-name><your-login-name>
. Now the server code will accept this directory as secure because you are the owner.
Hope this helps for all you guys, it solved the problem for me anyway.
W.K.R. Reutefleut"
It definitely works on Vista, with Emacs 23.2.1.
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