Windows Media player not working

New Precision M4500 - I have configured Windows 7 that it was preinstalled with,

I get the error when trying to play any files:

Windows Media Player cannot access the file. The file might be in use, you might not have access to the computer where the file is stored, or your proxy settings might not be correct.

I have checked the files (they are mp3 and on the C: drive) there is no permissions problem, I have intenet access, no proxy server.

In the event logs I have an error that may be relevant:

Service 'WMPNetworkSvc' did not start correctly because CoCreateInstance(WindowsMediaPlayer) encountered error '0x80004002'. If possible, reinstall Windows Media Player.