Installing Windows CE 6.0 tools on a Windows7 64bit PC (Updated again)

I recently bought a new PC and I choosed a machine based on the 64bit version of Windows 7.
Using a 64bits OS will allow me to use more than 4GB of RAM and this is quite important for me because it will allow me to run multiple virtual machines to test beta products and keep some customers' development environment isolated from the others (for example for customers that need to test and certify each installed QFE and may allow me to install them on my development machine some time after their availability).
On the other side running VS2005 and the Windows CE tools on the "main OS" istead of running them inside the virtual machine will provide better performances and avoid some of the issues of virtualization (limited or wasted disk space, issue with some devices, like USB devices etc.), so I decided to install the tools on Win7-64bit as my main working environment and leave virtual machine for specific configurations.
This is an unsupported scenario for Windows CE development tools, so I'm not suggesting that you should upgrade your OS to 64bit if you are happy with your current 32bit setup.
In this post I'll try to report all the issues that I found with my setup and, hopefully, provide solutions (and maybe workarounds) to make Windows CE development possible on 64-bit machines.