Um, Windows does not, for reasons unknown, like multi partitioned USB memory sticks/flash memories, has something to do with them being "Removable Media". However an external USB harddrive is accepted and identified as a fixed harddrive and not removable (although...). I visited this forum in hope that Win7 had a fix. I guess not. On other platforms, such as GNU Linux a multi partitioned USB memory works without any hazzles.
Windows discovers the first partition only, and the other(s) are marked as a RAW, unformatted area, which a user can mistake for corruption of the memory. You can see for yourself using MS Computer Management/Storage/Disk Management. To start MS Computer Management, right click "My Computer" and select "Manage".
I have come across 2 solutions for this MS problem. I have yet to try them, but others have succeed more or less.
1) Use a different driver for the particular USB memory. This solution is good if you only need access to the other partition(s) on one or two more computers and you have admin rights on those.
Link 1 Link 2
2) Remove the "Removable Media Bit" (RMB) from the USB memory. This action does not work on all flashdrives. Be sure to back up your data before you try. Link
Edit 1: I also know of a registry hack, but I can only find one or two ref's to this hack out there, but no site with a description/how-to. Aargh.
Edit 2: The registry hack turned out to be solution one. Someone reminded me.