I also am working in Windows via localhost. I also get the “Theme not found. Default theme applied.” error message that flaerpen does.
After a few hours debugging, I got a fix:
In themes.php, change the line:
$activetheme = bb_get_option(‘bb_active_theme’);
to
$activetheme = stripslashes(bb_get_option(‘bb_active_theme’));
I believe that fixes the double slashes added by the webserver.