I have looked around and have unfortunately not been able to find an answer, so here it goes.

I'm running Windows7 64bit and using a 32" tv. I pre-purchased W:Revolution on steam.

I have had a similar problem with Starcraft 1 with the resolution being stuck because the game wasn't designed to fit on such a big screen.
So basically it cuts off the game leaving the majority of my screen black with a small window of the game, changing the resolution does not help. I tried running Steam on admin and it did nothing. Any help would be greatly appreciated. Thanks

Is the window centered? You may simply need to tell your screen to stretch lower-resolution input, rather than display it at 1:1 scale.

The resolution settings apply only to the in-game part - the front end (menus) is fixed at 640x480 for now.

I had this problem as well.

So, I changed reso from 1366x768 to 1024x768 (just switch it to a lower resolution than you have, doesn't matter what exactly).

Then I clicked advanced properties -> went to control panel of graphic and media by Intel and selected 'Scale full screen' as scaling option. Then I returned to my old resolution and that's all! I hope it helps you. It's the scaling problem.