An explanation and fix for the most common cause of what you describe can be found here:
http://support.microsoft.com/kb/q270008/
Although the article pertains to Win 2000, I've seen the problem occur with XP as well; the fix described for Win 2000 works for XP.
Please note that although the article only refers to the "UpperFilters" and "LowerFilters" entries in the HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet registry subkey, I've had to apply the fix to the similar entries (if found) in the HKEY_LOCAL_MACHINE\SYSTEM\ControlSet00x subkeys as well in order to make it work.
DMR
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7,229 posts since Dec 2003
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...dang registry messup strikes again.
Yeah, that's a really obscure one, isn't it?
Glad we could help you get it sorted out so quickly. :)
DMR
Wombat At Large
7,229 posts since Dec 2003
Reputation Points: 221
Solved Threads: 370