It seems that in order to cut with the Silhouette Cameo's cut program, Silhouette Studio, you do not have to install any drivers that came with the Silhouette Studio software.
In order to cut on the Silhouette using VectorCUT®, you WILL NEED TO INSTALL THESE DRIVERS. So while re-installing Silhouette Studio software make sure that you select to install the drivers during the installation process. Once you have the driver installed, please follow the instructions below.
*For your convenience, the driver is located below*
E-X32 (English-32 bit), E-X64 (English-64 bit)
Steps to configure VectorCUT® for the Silhouette: