TheWindowsClub hasreleased an utility Fix WMP Utility v 1.0. This freeware portable app re-registers all the concerned Windows Media dll files required for the smooth functioning of Windows Media Player.
If you are facing any issues or getting any error message while running Windows Media Player, run this utility. It will re-register over 40 dll files required for for the smooth functioning of WMP. It has been tested on WMP 12 on Windows 7 & Vista 32-bit & 64-bit, but should work on all versions.
Download here Fix WMP