QUOTE(AlexVallat @ Mar 2 2007, 20:35)

Interesting SetPoint hacking
I've been using a Logitech keyboard with multimedia keys successfully for a while now, by not having SetPoint installed, but recently got myself a Logitech mouse too. Now I need to have SetPoint running, and it grabs hold of control of the keyboard too, ruining all the multimedia keys which used to work just fine.
I've been hacking about with SetPoint for some time, and come across the following. If you close SetPoint, then open your settings file in \Documents and Settings\username\Application Data\Logitech\SetPoint\user.xml, you should find a Device element with the DisplayName of your keyboard, and Class="KeyboardDevice". In it, there are a bunch of Button elements, with nice descriptive Names. Find the buttons you want to fix, and for each one, look inside the Trigger element for a Param element which has an attribute Silent="0". Change that to Silent="1". Once you've done that to all the media buttons you want to fix, save the file, and start SetPoint again. Those buttons with Silent="0" you can still set the behaviour for in SetPoint (which is handy for those buttons which don't have a standard behaviour), and those buttons with Silent="1" behave as if SetPoint was not running. Result!
Hope this is useful to others too,
Alex
YOU TOTALLY PWN !
At last, after 2 days of (intensive) browsing, I finally found someone who struck the answer, AND ACTUALLY CARED TO SHARE IT!
<3 Alex!
Oh yeah, I use a UltraX Cordless Desktop, and it worked like a charm.