I don't know if this will solve the problem, but i have stumbled a while ago over something similar - System.Process wasn't around. I managed to get what i wanted by custom-referencing the second version of System.dll which you can probably find in something like C: \WINDOWS\Microsoft.NET\Framework\v2.0.5[...]\ relative to your windows folder...
the component is going to turn orange but that's ok :) I just tested and it worked. good luck! PS what are you going to use it for? sounds cool by the look of it - external input devices hm...
