Visual Studio 2003 Watch Window – Complex Variables Missing when using DNN

I have spent days trying to find out what’s going on and have given up.
System:Clean Install of everything / DotNetNuke 3.2.2
IBMThinkpadT41 / Windows XP SP2 IIS 5.1 / Visual Studio 2003 Ent / .NET 1.1

Scenario 1: Plain old Vb.net Console app  Code :

Module Module1
    Sub Main()
        Dim g As New ArrayList
        g.Add("1")
        g.Add("2")
    End Sub
End Module
Dim nop As Integer = 0'Put Breakpoint here

I run the code to the break point.
I then add variable ‘g’ to the watch window.
The plus sign appears next to the variable and I click it to drill down into the structure.
SUCCESS:  No problem, I can see both my added elements.

Scenario 2: Plain old Vb.net web app  Code :

Private Sub Page_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load

Dim g As New ArrayList
      g.Add("1")
      g.Add("2")
      Dim nop As Integer = 0    'Put Breakpoint here
End Sub

I run the code to the break point.
I then add variable ‘g’ to the watch window.
The plus sign appears next to the variable and I click it to drill down into the structure.
SUCCESS:  No problem, I can see both my added elements.

Scenario 3: A Module I am writing for DotNetNuke

Private Sub Page_Load(ByVal sender As System.Object, ByVal e As System.EventArgs) Handles MyBase.Load
Dim g As New ArrayList
      g.Add("1")
      g.Add("2")
      Dim nop As Integer = 0    'Put Breakpoint here
End Sub

I run the code to the break point.
I then add variable ‘g’ to the watch window.
The plus sign appears next to the variable and I click it to drill down into the structure.
FAIL: All that appears is blank white space. No objects at all.

Anyone got any ideas ? I am really at my wits end....