I had just installed windows 7 and reinstalled the steam client, but when i launch the steam application, it starts updating but the progress stays at 0% and after a while it just exits itself. Sometimes it would just tell me that steam is unavailable. I have all my firewalls shut off and am directly connected to my modem. It was working fine with my previous windows vista.
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try running it as administrator. if it's trying to update itself windows might not be letting it but the dialogue not coming up.
Servers may be getting hammered because of huge sale. When I bought RE5 it took about 15 hrs. to download