Ya I missed that in the OP. Did you try opening CursorFX selecting My Cursors on the left then choose the CursorFX Default theme by Stardock Design (It's looks like more curved and a dark gray color). With that theme selected click on Apply button on lower right.
You should also go here: C:\Program Files (x86)\Stardock\CursorFX and right click on the CursorFX exe file and choose Properties.
Look at the Security tab under Group and user names: you should see System, Administrator(your active account) and any users who have permission to use it.
Also, look at the box below that the Permissions for SYSTEM should all show allow (except Special) so Full Control Read Write etc need to show allow.
Is that all working?
I have this version of CursorFX 2.11 (Free) running on Win 7 Home Premium 64bit without any issues. Sometimes downloading and installing a corrupted theme file can cause issues like this.
That will be the next thing to check.