What other security or antivirus or antispyware products are running?
For real-time protection to be present, the following things must be true, I
think:
1) HKLM\SOFTWARE\Microsoft|Windows\CurrentVersion\Run
should containe a REG_SZ "gcasServ" with value:
"D:\Program Files\Microsoft AntiSpyware\gcasServ.exe"
(modified as appropriate for the install location on your machine.)
2) This registry value should exist:
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\ShellExecuteHooks\{9EF34FF2-3396-4527-9D27-04C8C1C67806}
3) In the the notification area at the far right of the taskbar, right-click
the Microsoft Windows AntiSpyware (beta1) icon, point to Security Agents
Status, and then click Enable Real-Time Protection
If all these are as above, either something hasn't been registered properly
(with possible clues in the errors.log file in the directory where Microsoft
Antispyware is installed) or something else is intefering with running
gcasServ, perhaps. One thing to try would be running "gcasserv -embedded"
perhaps setting up a batch file to make that easier.