Update:
Once the new driver version (7.6 M2) came out on 7-18-2014 both external monitor displays worked. Therefore the bullshit that targuslevel3 thought was a hardware issue was a complete lie and cost me because I bought another one of these pieces of garbage.
I once again disconnected my laptop and reconnected it and now I am back to square one where it fails to recognize and display on my external monitors. I tried upgrading to the 7.7 Beta 1 which did absolutely nothing. I have again tried all of the previous steps mentioned and have spent a couple hours of my time uninstalling, re-installing, and restarting.
I have never been so frustrated in my life!
I think the problem has to do with the drivers:
I have Generic Superspeed USB Hub and four occurrences (I'll call a-d) of "generic USB Hub" under the USB controllers heading in device manager.
Generic Superspeed USB Hub properties show has a location of Port_#0005.Hub_#0003 and driver provider is "Microsoft" and the date is "5/30/2014"
generic USB Hub "a" has a location of Port_#0001.Hub_#0003 and driver provider is "Microsoft" and the date is "5/30/2014"
generic USB Hub "b" has a location of Port_#0001.Hub_#0002 and driver provider is "Microsoft" and the date is "6/21/2006"
generic USB Hub "c" has a location of Port_#0004.Hub_#0005 and driver provider is "Microsoft" and the date is "5/30/2014"
generic USB Hub "d" has a location of Port_#0001.Hub_#0001 and driver provider is "Microsoft" and the date is "6/21/2006"
Now I am no expert but I am assuming that "Microsoft" and an eight year old date of "6/21/2006" is most likely the problem. I have tried updating using the search automatically and the browse my computer options with no luck.
Displaylink needs to be advised of this problem and release an immediate fix!