I had the same experience and it's a little bit a shame that after so long there isn't a wmp11 driver for the 5500. So I have made myself one and it works at least! (very simple in fact)
1. Create a text file and save it as: "Nokia_5500_Sport_WMP11_driver.inf"
2. Copy/paste:
[Version]
Signature="$WINDOWS NT$"
Class=WPD
ClassGUID={EEC5AD98-8080-425f-922A-DABF3DE3F69A}
Provider=%Provider%
DriverVer=10/03/2005,1.0.0.0
[Manufacturer]
%MfgName%=Nokia
[Nokia]
%Nokia.DeviceDesc%=Nokia_MTP, USB\VID_0421&PID_047E
[Nokia_MTP]
Include = wpdmtp.inf
Needs = WPD.MTP
[Nokia_MTP.hw]
Include = wpdmtp.inf
Needs = WPD.MTP.Registration
[Nokia_MTP.Services]
Include = wpdmtp.inf
Needs = WPD.MTP.Services
[Nokia_MTP.CoInstallers]
Include = wpdmtp.inf
Needs = WPD.MTP.CoInstallers
[Nokia_MTP.Wdf]
Include = wpdmtp.inf
Needs = WPD.MTP.Wdf
UmdfServiceOrder=WpdMtpDriver
[Strings]
Nokia.DeviceDesc = "Nokia 5500 Sport"
MfgName = "Nokia"
Provider = "Nokia"
3. Save it and it's ready to install
Nokia 5500 Sport
V 03.14