Back with an update! Thanks for all the help so far.
Palm says the version of "Palm Desktop" software I need for the m505 I have is
NOT compatible with Windows Vista (all versions). That explains alot

Get the version of Palm Desktop from Palm website for your particular model. I have the m505, so for me it was 4.1.4. I can't say it enough, many versions, like 4.1.4, only support Windows XP or older. There is some Mac support from what I saw, but I know little of Mac OS.
I got everything to work. It's very simple if you are using the right version of windows. 1.) Install the Palm Desktop software on the PC you'll be using. 2.) Restart PC. 3.)Plug in Palm to PC (using cradle and/or cables). 4.)Open Palm Desktop, click on "Quick Install." 5.)Drag the MMCd.prc file into the top part (not the memory card). 6.)Click install or hotsync, click ok on the user, and it should be done very quickly. ***NOTE: If you try using Vista, expect weird and endless error messages! IT WONT WORK!!***
If you're like me and you have Vista, save yourself the headache and don't even try it! I spent hours messing with it on my super-fast PC. Went to my buddies and used his old and slow XP-equipped machine, and had it working in 10 minutes.
Connecting to the SM3 - Phone wire connects from back of SM3 to the female adapter (phone jack to serial jack). Using a Palm Serial Hotsync Cable (may have to purchase), plug Palm connector into Palm device (duh) and serial end into serial female adapter. It goes:
SM3(rs232)--[phone line]-->Female Adapter(rs232/serial)--[serial hotsync]-->Palm Device
I will update again once I get my ECU back from AvPro. I hope this info is helpful. Is there a guide to using MMCd? Could someone post a link?