Hi
If the LED is blinking (2.5Hz) the SW is running.
Try pinging addres 192.168.0.3 (you may need to ensure that your PC is set up suitably - ie. that it is in the same sub-net - changes can later be made and saved via web browser).
Remember also that the NE64 has a bug in the auto-negotiation and so may not always work. If possible try it connected to a different hub or different switch since some don't allow the auto-negotation to complete. This can also be changed to a fix speed to work around a certain connection case.
Regards
Mark