So yeah I have been reading up on some past threads about the problem
where the lights on the monome came on,but you could not run any
programs with it because no input would be recognized.

I have installed the latest serialo and FTDI driver(Version 2.02.04) but
nothin seems to work.

I will say that serialo flickers the usual yellow light in the "osc out"
circle,but when I try to run MLR it doesn't read anything.

Whats wrong?

it'll be fine, once you run a few apps you get used to how it all works. 
go through my post here

http://forum.monome.org/topic/1140#new

step by step on _mlr.  I found that some .wav files didn't play but I'm 
not sure about that, I'm a n00b with all this too.

See now I have the Monomeserial thing but I cant tell if any data is 
being read by Max/MSP Runtime.

My head hurts XP.

you have to run an application to see, like _40h test
take the next step and run an app, be patient, it'll work.

the device serialnumber is showing up in monomeserial?  if so, change 
the prefix to /box on the device.  next, in mlr, drag some samples to 
the sample drag box in the top right, then select some of these samples 
in the 7 channels.  you can assign the 7 sample channels to 4 group 
channels, using the 4 boxes on the right of the sample channels.  try ch 
1-2 on the first box, 3-4 on the next, 5-6 on the third, and 7 on the 
fourth, for starters.  then, raise the levels for the 4 group channels, 
raise the level for the master channel and turn the DAC on (the button 
below the master volume), and press a button (on the 40h) on any row but 
the top.

eventually, all of these steps will make sense.  as tonedeft said, go 
slow, youll get it.

simplest possible steps are:

1. run monomeserial
2. open _40h_test.mxb (which comes in the base patches): 
http://wiki.monome.org/view/AppMaxMspBasePatches
3. click the /sys/prefix/test button at the top
4. mash 40h keypads
5. change the "pairing" option (below the left grid) to "toggle"
6. mash more keypads

Alright thanks to this thread I got things back on track.

Thanks loads guys.