When I connect the module, windows cannot find the FT232R USB driver
You need to install the USB driver first. Follow step 2 and 3 of the manual:
http://www.mods4cars.com/m4cupdate/manual/en.php
I case Windows doesn't automatically find the driver (it SHOULD always find it with active internet connection!) a manually installable version of the driver can be downloaded here:
http://www.mods4cars.com/m4cupdate/
When connecting or disconnecting the module, Windows should play the usual sounds like it always does when any USB device is connected or disconnected.