Hi there, had a similar problem to you but I seem to have Magento v126.96.36.199 running on Wamp v2.1 with Dreamweaver CS5.
Obviously you have to have the test site set up in Dreamweaver:
Manage Sites -> New
Site - Site Name: (whatever you want)
- Local Site Folder: (direct to where you installed magento (Wamp/www/"install dir”
Servers - Basic - Add new server
- Server name: (localhost)
- connect using: (local/Network)
- Server folder (as set above - “install dir")
- web URL: (http://localhost/"install dir” or http://127.0.0.1/"install dir")
Servers - Advanced - Server Model: PHP MySQL
When ready (after updating site cache) open index.php from the local files menu/box.
You can click the “Live View” button to view the website.
Trick is to select the discover dynamic files on the bar that is displayed in purple.
The just view the site as you usually would (ctrl+click)
You can’t view the individual .phtml file in live view but you can edit it (save) and view it live in the index.php live view window.