Are you using Flight Simulator X with SP2 or Acceleration? This is a minimum system requirement for using the CS 727 Captain - http://www.captainsim.com/products/x727/sysreq.html

If you are using Vista or Windows 7, is FSX installed in C:\Program Files or C:\Program Files (x86)? If it is, you could try running FSX as an administrator. Or what would be even better, is to install FSX on the C: drive (C:\FSX) or on another drive or partition is even better.

Mark