Can you :
Remove all Virtual Networks (keeping a note of static ip's you assigned to your virtual servers)
Remove all Physical NIC Drivers from "Start > RUN > Devmgmt.msc" (Delete Quad nc375i or all nics if possible)
Reboot Windows Server 2008 R2 HOST (Physical server)
Once windows comes back, let it auto detect the drivers for your nic
then instead of creating a team, as a test can you just create a virtual network and then try windows update ?
I had a network connection problem too with the same nic (at a client site server) and I removed the drivers, then elt windows detect, test it without teaming and no problems
Hope this works for you - Will check back here after work