See instructions @ How To: Tether Droid X via Bluetooth In Windows 7
Stumbled across this after searching the missing driver problem. Works perfect.

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Mod Edit: Added Text

How To: Tether Droid X via Bluetooth In Windows 7
By Ali Waqas on Jul 20 2010 13 Comments
Motorola Droid X is an amazing device that has helped Motorola land back in the cell phone game. In case you just received your Droid X then you must have seen the power packed features of this monster Android filled device. You can also tether Windows 7 OS over Droid X with Bluetooth to surf the internet. Here is the step by step guide on Bluetooth tethering Windows 7 on your Droid X.

The first step is to turn on your Droid X’s Bluetooth and make it a discoverable device.
Now go to Control Panel > Hardware And Sound > Device and Printers and press “Add a Device” tab.
Now wait for your computer to discover your Droid X. Select any onscreen option that might pop-up on your phone. [ You will be prompted for a pin number in case you have previously pin-protected your computer’s or phone’s BT]
Once your phone is discovered, your computer will start installing the drivers automatically. Wait for the procedure to finish.
Now go to Device and Printers in Control Panel settings and right click on Droid X. After right clicking, select “Connect As” and then click on “Access Point”.
And there you go! You have successfully tethered your Windows 7 over Droid X and now you can surf the internet on your computer using your phone’s data plan.

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It works slick

I know it might seem redundant, but you might want to throw in a small blurb that makes it clear the PC in question must have a BlueTooth chip/connection. Not all PC`s running Windows 7 have BlueTooth, and this might actually confuse the lesser tech savvy out there...just saying.

I built my desktop and specifically left out a BlueTooth option since I dont use any other BT devices...