My guess is one of you windows media files is corrupt. When you're installing WMP version two you're prolly just overwriting some of the files.
But the corrupt file might still be there causing you pain. Normally I'd say go to control panel and uninstall it. But windows media player is different because it is part of microsoft xp?
Other than that all I would suggest is doing a system restore to a much earlier time. Maybe that might roll back WMP to its original state.
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