Can't launch KVM on 64-bit machine

I'm relatively new at filing a bug so please bear with me.

I'm trying to run Testdrive on a Dell Optiplex 755 with a quad core processor. Hardware Virtualization is turned on in the Bios.

When I run TestDrive after the menu where I select Try Ubuntu without Installing (or select install, those are the only two options I've tried) I get a black screen in the VM and the following in the terminal window:

----------------Begin Copy----------------------
  1. Ubuntu Desktop (lucid)
     +-cache--> [2009-12-09 07:16:08] lucid-desktop-amd64.iso
  2. Ubuntu Server (lucid)
  3. Ubuntu Alternate (lucid)
  4. Ubuntu DVD (lucid)
  5. Ubuntu Netbook Remix (lucid)
  6. Other (prompt for ISO URL)

Select an ISO to testdrive: 1

INFO: Using KVM for virtual machine hosting...

INFO: Syncing the specified ISO...
      rsync://cdimage.ubuntu.com/cdimage/daily-live/current/lucid-desktop-amd64.iso
receiving file list ...
1 file to consider

sent 121 bytes received 98 bytes 87.60 bytes/sec
total size is 723865600 speedup is 3305322.37

INFO: Creating disk image...
Formatting '/home/bjames/.cache/testdrive/testdrive-disk-FzPsvg.img', fmt=qcow2 size=6442450944 encryption=off cluster_size=0

INFO: Running the Virtual Machine...
open /dev/kvm: No such file or directory
Could not initialize KVM, will disable KVM support
-----------------End Copy----------------------------------

I'm not sure where any logs would exist but if there is something I can provide let me know.