Problem: USB storage device, and drivers are working properly, but i cant access the drive because windows wont asssign a drive letter to it.

OS: XP SP2

I have tried a fix where you rename the drive manually through disk management, but it said that the 'folder does not exist', if this is the fix can someone walk me through it so i can fix this, i may just be doing something wrong, or does anyone else have any other suggestions?

Is this a new drive? If so it needs to be formatted first.

Nope, ive been using this drive for almost a year now, the computer just got upity and stopped liking it for some reason, and ive determined that the usb device is not the problem because it works on other computers, and ive tried other usb drives of my computer and they dont work either.

If this is a new problem try a System Restore to a point prior to the problem:

start > All Programs > Accessories > System Tools > System Restore

Otherwise what is the make and model of the computer? You may need to reload some drivers.

You could also try going to the Device Manager: Start/Run/ devmgmt.msc

Universal Serial Bus controllers:

Click the (+) ... Do you see any yellow exclamation marks? If so click and try Updating drivers.