One hesitates to ask, but does the mouse behave correctly in OS X?
If it does not, and you have activated the Right Click (it comes OFF by default), then you might want to check with Apple about getting a replacement.
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I run XP Pro with Parallels 3.0 on an iMac.It runs perfect, but right click button of intelegent mouse (from iMac) does not respond at all. When plug in another optical mouse, right click button does respond. I've tried mouse settings in Control Panel without success. This iMac is new - 1 week old

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