I click "watches", "local" etc. in the debugger but down there I see nothing
but the execution stack... what is wrong with it?

I have the same problem..

I'm having the same problems on 2 machines running WinXP and Win 2000.

I could be way off the mark here, but the same thing happened to me, I think.
And I made the mistake of uninstalling and reinstalling to fix it. And it was
so simple to fix too *blushes*

All that had happened was that I had scrolled the horizontal scrollbar under
the properties, variables, etc in the debugger so that it was obscuring the
window that these tabs use to display stuff. I don't really think that it is
good UI design to allow this to happen, but I guess that I was a bit thick to
do it.

I may have misunderstood what your problem is but this was mine, and I felt
like such a fool