I feel uncomfortable recommending any specific action at this time, because you're adding in new elements to the issue.
That said consider these aspects of the issue:
Is this an issue with all video that Media Player supports, or just some?
If just some, then it's probably the format of the video that's the problem and you may have to update your OS or get a new computer to deal with this format.
If Media Player doesn't work at all, not even with - say .mp3, then you probably at some point updated Media Player beyond what your system is capable of. Or performed an update incompletely.
But since, as you say, there have been several updates at this point, it would be hard to pin down which if any is responsible for the current error, which may or may not be exactly the same error as the original one that caused you to try updating Media Player.
That's why I said you may need to uninstall Media Player and perhaps wipe out its application data folder and then install the original Media Player that came with XP.
But, at that point I didn't know there was a third party video editing program involved. Perhaps you can get some support from them, or from a forum on their site. Do they have an update?
If you have restore points from before this became an issue, you might be able to use one of those. But if this is a problem specific to only certain video files, that probably won't help.
As I say though, I'm uncertain which if any of these approaches would be best. If it were me, I'd try investigating each one as much as feasible and then decide on one, backup whatever I have just in case things get worse, and try implementing the solution I'd chosen.
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