Further investigation shows that you only get one each of events with these wParam values on a change. There may still be a delay before the device is accessible. Again you need to change the Sub name to WMevent_MagicEvent for the dzEventsMagic library.
Code:
Sub WMEvent_WmEvent
msg = WMevent.wParam
Select msg
Case 32772:
Msgbox("Device removed")
Case 32768
Msgbox("Device added")
End Select
End Sub