Tried it and got the same thing......nothing. The reason is because Palm VNC will only work over a normal TCP/IP network connection. I've read that you can set it up to link through your palm cradle ( as i'm guessing you are trying to do ) but it's supposed to be pretty complex. Try this link, i know it's for Win2K but it might help you out or at least give you an idea of what's involved.
Connecting a Palm Pilot to Windows 2000
Hope this helps you.