I am using SQL Server 2008 Express, and when I run the same command that you reference here, i.e., [C:>bcp -v] I get the following output:
C:\>bcp -v
BCP - Bulk Copy Program for Microsoft SQL Server.
Copyright (C) Microsoft Corporation. All Rights Reserved.
Version: 10.0.1600.22
Maybe you have a corrupted install? Did you install the advanced edition?